Surprise! The unemployment rate has gone back up to 8.2% in spite of the fact that every major news outlet wants us to believe that we’re in a recovery. With recoveries like this, who needs recessions?
The American jobs engine hit stall speed in May, with the economy adding just 69,000 new jobs while the unemployment rate climbed to 8.2 percent.
As another summertime swoon looms, the Bureau of Labor Statistics reported that job creation missed economist estimates for 158,000 new positions and the jobless rate rose for the first time in nearly a year.
Labor force participation remains near 30-year lows though incrementally better than last month, rising to 63.8 percent.
The unemployment rate that counts discouraged workers rose as well, swelling to 14.8 percent from 14.5 percent in April.
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Did you read that last sentence? That’s talking about the U6, or what honest people call “real unemployment.” It’s at 14.8%.
Also, “economists” predicted 158,000 new jobs but we only added 69,000? They only missed it by a whopping 89,000. Not bad.