| Story Views | |
| Now: | |
| Last Hour: | |
| Last 24 Hours: | |
| Total: | |
Hiring Plummeted in May
Well, jobs dropped off a cliff in May, expanding by only 38,000, well below forecast, while the the number of people who have dropped out of the workforce crept back to its historic high of December 2015.
From the Wall Street Journal:
U.S. companies slowed their hiring drastically in May and unemployment fell as people dropped out of the labor force, a bleak picture for Federal Reserve officials as they prepare to debate increasing short-term interest rates at a policy meeting this month.
Nonfarm payrolls rose by a seasonally adjusted 38,000 in May, the weakest performance since September 2010, the Labor Department said Friday. Revisions showed employers added a combined 59,000 fewer jobs in April and March than previously estimated.
The share of Americans participating in the labor force fell to 62.6% in May, down 0.2 percentage point from April and matching the level from December 2015.
This makes sense because the Obama economy expanded the last quarter of 2015 and the first of 2016 at the measly rate of one percent. The labor force participation rate is at the lowest levels in 40 years, which also makes sense, not just because there aren’t jobs, but because there’s so much free government stuff out there that people are making a rational decision not to work.
Source: http://www.whitehousedossier.com/2016/06/03/hiring-plummeted/
