U.S. Employment Stagnant In May
U.S. employment and the unemployment rate both stayed essentially flat in May, according to the U.S. Bureau of Labor Statistics.
Total nonfarm payroll employment rose by just 69,000 in May, with the health care, transportation and warehousing, and wholesale industries sectors gaining jobs while construction employment declined. Most other major industries saw little change.
The unemployment rate rose slightly to 8.2 percent from 8.1 percent in April. The number of people who have been without work for 27 weeks or more rose from 5.1 million to 5.4 million during the month, and these long-term unemployed workers accounted for 42.8 percent of the unemployed in May.
The number of people working part-time because of a reduction in their hours or their inability to find full-time jobs rose slightly to 8.1 million.
The stock market reacted negatively in the first hour of trading this morning. As of 10:30, the Dow Jones Industrial Average and the S&P 500 were down more than 1.5 percent.
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