Another Month and Another Horrible Jobs Report...
BLS released the jobs report for May this morning. Another month and another horrible jobs report…
• 69,000 jobs were created in May but well below expectations of 150,000
o Most economists agree that the economy needs to create at least 150,000 jobs a month
• April numbers were also revised lower falling from 115,000 to 77,000
• The unemployment rate increased to 8.2% with the broader rate up to 14.8%. (Previous rates were 8.1% and 14.5%.)
• The number of long-term unemployed (27 weeks or longer) rose from 5.1 million to 5.4 million
• The labor force participation rate did increase in May, but simply offset the loss from April
The market is not reacting favorably to this reports as the 10 year Treasury rate is now trading at 1.46%.