Unemployment holds steady in May

The U.S. unemployment rate remained at 6.3 percent in May as U.S. employers added 217,000 jobs, according to The Washington Post. Economists were expecting to add 218,000 jobs.

This marks a milestone for the job market, as the economy now has recovered the 8.7 million jobs lost during the recession. However, more job growth is needed because the U.S. population has grown nearly 7 percent since then. Economists at the Economic Policy Institute have estimated that 7 million more jobs would have been needed to keep up with population growth.

Still, monthly job growth now has averaged 234,000 for the past three months compared with 150,000 for the previous three months. April's employment gains were revised down slightly to 282,000 from 288,000.

In May, the professional and business services sector added 55,000 jobs; health care sector added 34,000 jobs; food services and drinking places sector added 32,000 jobs; and transportation and warehousing added 16,000 jobs.

The construction, manufacturing, government, retail, and financial activities sectors basically were unchanged.

There currently are 9.8 million unemployed people in the U.S.

Date : 6/9/2014


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