average monthly decline for the prior 6 months, the Bureau of Labor
Statistics of the U.S. Department of Labor reported today. The unem-
ployment rate continued to rise, increasing from 8.9 to 9.4 percent.
Steep job losses continued in manufacturing, while declines moderated
in construction and several service-providing industries.
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Unemployment (Household Survey Data)
The number of unemployed persons increased by 787,000 to 14.5 million
in May, and the unemployment rate rose to 9.4 percent. Since the start
of the recession in December 2007, the number of unemployed persons has
risen by 7.0 million, and the unemployment rate has grown by 4.5 percent-
age points.
Unemployment rates rose in May for adult men (9.8 percent), adult
women (7.5 percent), whites (8.6 percent), and Hispanics (12.7 percent).
The jobless rates for teenagers (22.7 percent) and blacks (14.9 percent)
were little changed over the month. The unemployment rate for Asians was
6.7 percent in May, not seasonally adjusted, up from 3.8 percent a year
earlier.
Among the unemployed, the number of job losers and persons who completed
temporary jobs rose by 732,000 in May to 9.5 million. This group has in-
creased by 5.8 million since the start of the recession.
The number of long-term unemployed (those jobless for 27 weeks or more)
increased by 268,000 over the month to 3.9 million and has tripled since
the start of the recession.
 Bob DeMarco is a citizen journalist and twenty year Wall Street veteran. Bob has written more than 500 articles with more than 11,000 links to his work on the Internet. Content from All American Investor has been syndicated on Reuters, the Wall Street Journal, Fox News, Pluck, Blog Critics, and a growing list of newspaper websites. Bob is actively seeking syndication and writing assignments. |
