Unemployment Slips, Fewer Businesses Hiring Workers

American unemployment rises to 8.2% as businesses hired fewer workers in the month of May, making it one of worst months for job losses. The latest numbers can only throw doubt that the strength of the economic recovery is slowing.

CNN reports that there were only 69,000 jobs were added during the month, the weakest growth in a year.

Economists surveyed by CNNMoney had expected to see employers add 150,000 jobs and the unemployment rate to remain at 8.1%.

Revisions from previous months also showed the economy gained 49,000 fewer jobs in March and April than originally thought.

Private companies sharply cut back on hiring last month, adding only a meager 82,000 jobs. Employment increased in health care, transportation and wholesale trade. Manufacturing continued to add positions, albeit at a slower pace than earlier this year.

Construction, however, suffered its largest decline in two years.

The public sector continued to shed jobs, losing 13,000 in May.




Leave a Reply

Your email address will not be published. Required fields are marked *