us new jobs plunged in may jobless rate up
Last Updated : GMT 20:30:05
Arab Today, arab today
Arab Today, arab today

US new jobs plunged in May; jobless rate up

Arab Today, arab today

Arab Today, arab today US new jobs plunged in May; jobless rate up

Washington - AFP

The number of jobs generated by the US economy plunged in May and inflation continued to erode workers\' incomes, deepening the challenge to the Obama administration, official figures showed Friday. The economy added just 54,000 net new jobs in May, only one-quarter of the February-April pace, while the unemployment rate edged up to 9.1 percent, the Labor Department said. The private sector, expected to drive the economy as governments slash spending, added a measly 83,000 positions, one-third of the rate of the previous three months. With downwardly-revised figures for employment in the previous two months, Friday\'s report confirmed the sharp slowdown in economic growth since the beginning of 2011, despite government efforts to power up a job-creating recovery. The bad numbers could in part be blamed on the impact on US manufacturers of Japan\'s March 11 earthquake-typhoon disaster, as well as the jump in oil prices, economists said. But they were likely to fuel the raging political battle over government spending and how to repair the economy while nearly 14 million people remained unemployed, more than a year after the country\'s deep recession ended. Underscoring the challenge to President Barack Obama as his campaign for reelection in 2012 gets underway, Republican House leader Eric Cantor blamed the White House\'s poor policies for the high jobless rate. \"It is astounding that despite the warning signs and economic indicators, President Obama and congressional Democrats still have failed to offer any concrete plan to create jobs, reduce our debt, or grow our economy,\" he said in a statement. The chairman of the White House\'s council of economic advisers, Austan Goolsby, played down the report. \"There are always bumps on the road to recovery, but the overall trajectory of the economy has improved dramatically over the past two years,\" he said. \"The monthly employment and unemployment numbers are volatile and employment estimates are subject to substantial revision,\" he said. \"Therefore, as the administration always stresses, it is important not to read too much into any one monthly report. Friday\'s numbers were poor all around. Hourly wages rose 0.3 percent, but were still being eaten away by higher prices: in the year to May, wages were up 1.8 percent, compared to an inflation rate of 3.1 percent. While the country generated a large number of jobs in the mining sector in May -- driven by jumps in oil and mineral prices -- the manufacturing sector, which had expanded solidly in the first part of the year, lost 5,000 jobs. Meanwhile, the public sector at all levels, from federal to local, cut 29,000 jobs. Some economists had forecast that tornado and flood disasters in the south and midwest would push employment figures down. But Labor Statistics Bureau commissioner Keith Hall said those were not an important factor. \"While there is no question that some workers in the devastated communities may have been at least temporarily displaced from their jobs, we found no clear impact of the disasters on the national employment and unemployment data for May,\" he said in a statement. \"Overall, this is horrible,\" said Ian Shepherdson, US economist for High Frequency economics. But he said it was likely a short-term dip. \"We think it is largely a reaction -- an overreaction we would say -- to the rise in oil prices, and a very real hit to autos and tech from the Japan earthquake.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us new jobs plunged in may jobless rate up us new jobs plunged in may jobless rate up

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us new jobs plunged in may jobless rate up us new jobs plunged in may jobless rate up

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday