Official unemployment rose from 5 to 5.5 percent in May. This was the largest monthly increase since February 1986 and is the fifth month in a row showing a reduction in jobs.
Unemployment among African Americans was 9.7 percent, up from 8.6 percent. For those aged 16 to 19, the figure was 18.7 percent, up from 15.4 percent. Numbers of those unable to find full-time work, forced to work part-time, rose from 5.22 to 5.23 million.
The biggest losses were in the profession and business services, losing 39,000 jobs, and construction, losing 34,000. Retail lost 27,000 jobs and manufacturing lost 26,000. (NY Times June 6)
Of more than 8.5 million unemployed workers, 1.55 million have been unemployed for 27 weeks or longer. Federal unemployment benefits expire after 26 weeks and the official unemployment rate excludes people who have given up looking for work. Many economists predict this will be the weakest summer job market for teenagers in at least 60 years.
