The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on June 07, 2013, 12:45:16 pm
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http://www.weeklystandard.com/blogs/76-percent_733971.html (http://www.weeklystandard.com/blogs/76-percent_733971.html)
7.6 Percent
8:31 AM, Jun 7, 2013 • By DANIEL HALPER
The unemployment rate ticked up, according to new numbers from the Bureau of Labor Statistics:
Total nonfarm payroll employment increased by 175,000 in May, and the unemployment rate was essentially unchanged at 7.6 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in professional and business services, food services and drinking places, and retail trade.
Household Survey Data
Both the number of unemployed persons, at 11.8 million, and the unemployment rate, at 7.6 percent, were essentially unchanged in May. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (7.2 percent), adult women (6.5 percent), teenagers (24.5 percent), whites (6.7 percent), blacks (13.5 percent), and Hispanics (9.1 percent) showed little or no change in May. The jobless rate for Asians was 4.3 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)
In May, the number of long-term unemployed (those jobless for 27 weeks or more) was unchanged at 4.4 million. These individuals accounted for 37.3 percent of the unemployed. Over the past 12 months, the number of long-term unemployed has declined by 1.0 million. (See table A-12.)
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Bottom line: unemployment is up slightly, employers increased hiring modestly in May, and the economy continues to grow slowly... but not quickly enough to threaten the Federal Reserve Money Pump - and thus, stock futures are up this morning.
Because only one thing matters to Wall Street any more: The Pump.