CAPS — Analysts hoped that the May Bureau of Labor Statistics report would show job creation at 164,000. Instead, BLS reported only a feeble 38,000 new jobs. Save for slight employment upticks in health care and professional services, many of them part-time positions, the BLS data was bad.
Better paying, blue-collar jobs in construction and manufacturing declined by about 33,000. The civilian labor force participation rate decreased by 0.2 percentage point to 62.6 percent as more than 450,000 workers left the labor market in May. People not in the labor force hit a record 94.7 million, 600,000 more than April’s figure.
The number of workers who would like full-time employment, but can find only part-time positions, increased by nearly half a million to 6.4 million. The artificially low 4.7 percent unemployment rate fools no one. Finally, as if the May report is not grim enough, March and April job growth was revised downward from, respectively, 208,000 and 186,000 to 160,000 and 123,000.
Although unchanged in May, over the last months, retail has performed better than most sectors. Even though mostly part-time and low-paying, retail jobs help people get a foot in the labor market, and gain important experience that they can include on their resumes.
• JOBS REPORT NUMBERS AT ODDS WITH OBAMA’S ECONOMIC SPIN — DAILY SIGNAL
• WHITE HOUSE SAYS MAY JOBLESS REPORT IS ‘DISAPPOINTING’ — WASHINGTON TIMES
• US MAY JOBS REPORT COMES IN FAR BELOW EXPECTATIONS — ASIA TIMES