National Jobs Report: May 2012

National Jobs Report: May 2012

On June 1st, the government published the May jobs report listing the creation of 69,000 jobs. The unemployment rate changed from 8.1% to 8.2 percent. Sectors that saw an uptick in jobs created included health care (+33,000), transportation and warehousing (+36,000), and wholesale trade (+16,000). This is good news for the transportation and warehousing sector, which saw a decline in hiring and actually lost 17,000 jobs in the month of April. Construction employment declined by 28,000 jobs in May. Despite the increase in jobs created, there are 200,000 more people out of work this month than last month. The number of people out of work now tops 12.5 million.

The number of long-term unemployed rose from 5.1 to 5.4 million in the month of May. These people have been jobless for more than 27 weeks.

2.4 million people were marginally attached to the labor force. These people have not searched for work in the past 12 months preceding the current survey. Of the 2.4 million, 830,000 were classified as discouraged workers. Discouraged workers are defined as persons that have given up looking for work because they believe that no jobs are available for them. They have not actively looked for work in the past 4 weeks preceding the survey.

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