News / Economy

US Hiring Slows, Unemployment Rate Hits 9.1 Percent

A stock trader looks at sinking prices after a US jobs report showed the smallest increase in eight months, June 3, 2011
A stock trader looks at sinking prices after a US jobs report showed the smallest increase in eight months, June 3, 2011

Multimedia

The U.S. economy is showing signs of slowing down, adding only 54,000 jobs in May - the smallest increase in eight months. The nation's unemployment rate inched higher last month to 9.1 percent, raising fears the U.S. recovery already may have peaked.

Hiring in May fell far short of the 150,000 jobs that Wall Street was expecting, sending stock prices sharply lower on Friday.

The big question among investors is whether the anemic job numbers are temporary or evidence of deeper economic problems. Economist Mark Vitner at Wells Fargo takes the more optimistic view.

"What this report reflects is a kind of the peak run-up in gasoline prices, the peak of the disruption in the Japanese supply shortages, so I don't think this necessarily should be carried forward all the way through the summer, although we probably will have another weak month or two," he said.

The White House downplayed the lower job numbers as just a bump in the road. On a tour of a Chrysler car plant in Ohio, President Barack Obama said the economy continues to recover from the worst recession in decades. He credited his administration's decision to bail out the auto industry for saving more than a million jobs.

"What's most important is that all three automakers are now adding shifts and creating jobs at the strongest rate since the 1990s," the president said.

The president's critics pounced on the jobs report as a sign the U.S. economy is on the wrong track.

Republican House Speaker John Boehner said, "You talk to job creators around the country like we have, they'll tell you that the over taxing, over regulating and overspending that's going on here in Washington is creating uncertainty and holding them back."

The weakness in hiring last month was widespread. Manufacturers cut 5,000 jobs, retailers slashed more than 8,000 positions, and the service and hospitality trades reduced payrolls by 6,000.  

Instead of giving up, Labor Secretary Hilda Solis told VOA's Spanish Language Service that unemployed workers should seek more training to improve their chances.

"We're finding that employers are saying we need people that are better trained, that know how to deal in customer service, that know how to do marketing, that know how to have command of the English language and also have some good skills sets," said Solis.

The White House says the U.S. economy has added more than two million jobs in the past 15 months. But the latest job numbers show nearly 14 million Americans still are looking for work.

You May Like

Video Experts Warn World Losing Ebola Fight

Doctors Without Borders says world is losing battle against Ebola, unless wealthy nations dispatch specialized biological disaster response teams More

Video Experts: Rise of Islamic State Significant Development in Jihadism

Many analysts contend the group - which grew out of al-Qaida in Iraq - has been rebuilding for years More

US-Based Hong Kongers Pledge Support for Pro-Democracy Activists

Democracy advocates call on Chinese living abroad to join them in opposing new election rules for their home territory More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Larger Than Life Chinese Lanterns Make Southern California Appearancei
X
Elizabeth Lee
September 02, 2014 8:57 PM
Chinese lanterns with a long history are lighting up in 21st century style at the Los Angeles County Fair in southern California. Visitors can see traditional lanterns that hang, but also lanterns in the shape of animals, iconic landmarks and many other objects, all created by artisans from a place in China known for its lanterns. Elizabeth Lee has the details from the fair in the city of Pomona.
Video

Video Larger Than Life Chinese Lanterns Make Southern California Appearance

Chinese lanterns with a long history are lighting up in 21st century style at the Los Angeles County Fair in southern California. Visitors can see traditional lanterns that hang, but also lanterns in the shape of animals, iconic landmarks and many other objects, all created by artisans from a place in China known for its lanterns. Elizabeth Lee has the details from the fair in the city of Pomona.
Video

Video Experts See Rise of ISIS as Significant Development

The Islamic State’s rise seems sudden. It caught the U.S. by surprise this summer when it captured large portions of northern Iraq and spread its wings in neighboring Syria. But many analysts contend that the group - which grew out of al-Qaida in Iraq - has been rebuilding for years. VOA's Jela de Franceschi takes a closer look at the rise of ISIS and its implications for the Middle East and beyond.
Video

Video Israel Concerned Over Syrian Rebels in Golan

Israeli officials are following with concern the recent fighting between Syrian rebels and government forces near the contested Golan Heights. Forty-four U.N. peacekeepers from Fiji have been seized by Syrian Islamist rebels and the clashes occasionally have spilled into Israel. VOA’s Scott Bobb reports from Jerusalem.
Video

Video Ukraine Schools Resume Classes, Donate to Government Forces

A new school year has started in Ukraine but thousands of children in the war-torn east are unable to attend because of ongoing clashes with pro-Russia rebels. In Ukraine's capital, patriotic education has become the norm along with donations to support injured security forces fighting to take back rebel-held areas. VOA's Daniel Schearf reports from Kyiv.
Video

Video US Detainees Want Negotiators for Freedom in North Korea

The three U.S. detainees held in North Korea were permitted to speak with foreign media Monday. The government of Kim Jong Un restricted the topics of the questions, and the interviews in Pyongyang were limited to five minutes. Each of the men asked Washington to send a representative to Pyongyang to secure his release. VOA’s Carolyn Presutti has our story.
Video

Video Turkmen From Amerli Describe Survival of IS Siege

Over the past few weeks, hundreds of Shi'ite Turkmen have fled the town of Amerli seeking refuge in the northern city of Kirkuk. Despite recent military gains after U.S. airstrikes that were coordinated with Iraqi and Kurdish forces, the situation remains dire for Amerli’s residents. Sebastian Meyer went to Kirkuk for VOA to speak to those who managed to escape.
Video

Video West Africa Ebola Vaccine Trials Possible by Early 2015

A U.S. health agency is speeding up clinical trials of a possible vaccine against the deadly Ebola virus that so far has killed more than 1,500 people in West Africa. If successful, the next step would be a larger trial in countries where the outbreak is occurring. VOA's Carol Pearson has more.
Video

Video Survivors Commemorate 70th Anniversary of Nazi Liquidation of Jewish Ghetto

When the German Nazi army occupied the Polish city of Lodz in 1939, it marked the beginning of a long nightmare for the Jewish community that once made up one third of the population. Roughly 200,000 people were forced into the Lodz Ghetto. Less than 7,000 survived. As VOA’s Kane Farabaugh reports, some survivors gathered at the Union League Club in Chicago on the 70th anniversary of the liquidation of the Lodz Ghetto to remember those who suffered at the hands of the Nazi regime.

AppleAndroid

World Currencies

EUR
USD
0.7537
JPY
USD
103.79
GBP
USD
0.6032
CAD
USD
1.0957
INR
USD
60.522

Rates may not be current.