News / Economy

US Unemployment Holds Steady at 6.3%

US Employers Add 217,000 Jobs; Unemployment Steady at 6.3%i
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Mil Arcega
June 07, 2014 1:23 AM
U.S. employers added another 217,000 jobs in May. That’s the fourth straight month of job gains above 200,000. The job gains in May could mean the economy now has recovered all the jobs lost during the recession, but as VOA's Mil Arcega reports, the unemployment rate was unchanged at 6.3 percent because more Americans went looking for work.
US Employers Add 217,000 Jobs; Unemployment Steady at 6.3%
US Employers Add 217,000 Jobs; Unemployment Steady at 6.3%

U.S. employers added another 217,000 jobs in May. That’s the fourth straight month of job gains above 200,000. The job gains in May could mean the economy now has recovered all the jobs lost during the recession, but the unemployment rate was unchanged at 6.3 percent because more Americans went looking for work.

After a difficult winter, the US job market is showing signs of life. The Labor Department says job gains in May were broad-based - rising in healthcare, the leisure, hospitality and manufacturing sectors.  

And despite worries that U.S. stock prices may be due for a major correction, investment strategist Kate Warne said slow and steady wins the day.

"In addition, we think sentiment is actually improving a little. The skepticism that everybody feels is actually positive because it means nobody's gotten too excited, too euphoric, at a time like this," said Warne.
 
Unemployment rate as of May, 2014Unemployment rate as of May, 2014
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Unemployment rate as of May, 2014
Unemployment rate as of May, 2014
Despite the improving jobs picture, the unemployment rate held steady as unemployed Americans resumed their job search. Economists say that’s a sign of confidence in the economy. One worry, though, is that average wages have remained mostly flat.
 
Mark Hamrick at Bankrate.com said that hurts consumer confidence.

“One thing that would really help them to see a much better mood is if their incomes were to grow, if they have more money in their pockets and they don’t have to spend it all on gasoline or utilities to heat their homes as they did during the winter time. I think that would really help consumer confidence,” said Hamrick.

Another concern is that job growth remains uneven. A new report by the National Council of La Raza says the unemployment rate for Latinos is still higher than for the general population. Not only that, policy analyst Alicia Criado said the majority of gains for Latinos have been in lower-paying jobs.

“Or jobs that don’t keep workers out of poverty. And that’s definitely the case for millions of Latino workers who are increasingly filling jobs in the low-wage sector,” said Criado.

Although the economy now has regained the number of jobs lost since the downturn, job growth has not kept up with the U.S.  population, which has grown nearly seven percent since the end of the Great Recession.

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by: Dr. Cateret from: USA LIES
June 07, 2014 11:18 AM
Last April I saw a report that 83% of May’s college graduates did not have a job. I remarked that in my day most of us had 2 or 3 job or graduate school offers before we graduated. The latest payroll jobs report issued on June 6 proves that the April report was true.

My opinion, schooled in part by John Williams’ very precise reports on Shadowstats.com, is that on average about half of the new jobs each month are phantom jobs created by the birth-death model and inappropriate seasonal adjustments. So, I figured that the 217,000 jobs claimed for May are more like 108,000. Then I read John Williams’ report on the May jobs number: “Monthly payroll gains overstated by 200,000 plus jobs”

In other words, there were zero new jobs in May.

Just as the US government can turn an inconsequential Iraq, Afghanistan, Libya, and Syria into dangerous threats against “the world’s only superpower,” the US government can turn zero jobs growth into 217,000 jobs. It is easy when you have a prostitute media and a gullible public, both of which Washington most certainly has.

But let’s take the government data at face value.

First, consider the news report that finally as of May 2014 as many Americans had jobs
as had jobs in January 2008. That might seem like good news until you take into account that since January 2008 the US has experienced 6.5 years of population growth. Economists seem to have settled on population growth adding 129,000 people to the work force each month. That comes to 10,000,000 people. Where are their jobs? The “jobs recovery” doesn’t provide for the 10 millions who have come of working age since January 2008.

We can conclude from this that the official 6.3 percent unemployment rate is nonsense. The unemployment rate is in the neighborhood of 23 percent as John Williams has established.

Just as the US government claims, falsely, that Russia invaded Ukraine and annexed Crimea, that Saddam Hussein had weapons of mass destruction, that Assad used chemical weapons on Syrians, and so forth and so on, the 6.3 percent unemployment rate is just another government lie.

Second, consider where the claimed 217,000 May jobs are. Hardly any of these claimed jobs are jobs in which university graduates begin their careers. The jobs are in wholesale trade, retail clerks, transportation and warehousing, employment services and temporary help, waitresses and bartenders, and health care and social assistance. In the later category, ambulatory health care services and social assistance account for the majority of jobs.

If college graduates have jobs, they are not the jobs for which they studied. On March 31, CNN Money reported that 260,000 college graduates were employed at or below the federal minimum wage of $7.25 per hour.


How is the second quarter going to come roaring back, as the financial media assures us it will, when the jobs report is so discouraging? How much longer will Washington be able to hide the fact that the US economy is sinking?

If you read all the B.S. that the American media and educational establishment puts out, “education is the answer.” Apparently not. Education is the way to become deeply in debt and work for $7.25 per hour, if you are lucky to escape unemployment.

America is a Great Big Lie. There is no truth in what we are told. The entire country, along with that part of the world under Washington’s thumb, is run for about six private interest groups. The rest of us are being fleeced.


by: Donald Fraser Miles from: Elliot Lake, Canada
June 07, 2014 7:06 AM
Needed in America now is new technology ideas. Innovation in technology which reduces costs and improves productivity in everyday life and in manufacturing is what is needed. As the revolution in oil and gas extraction through shale fracking has regenerated and emancipated the American economy and politics, so new technology ideas in key areas such as battery technology and carbon reduction will lead to a stronger economy and healthier society

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