The unemployment rate continued to rise in May.
Barack Obama continues to make his mark as the worst jobs president since the Great Depression.
The unemployment rate jumped last month from 9.0% to 9.1%.
USA Today reported:
The U.S. economy added 54,000 jobs in May, bringing the unemployment rate to 9.1%, the Labor Department reports.
That is up from thethe April unemployment rate of 9.0%.
The latest figures from the U.S. Bureau of Labaor Statistics show that 83,000 jobs were added in the private sector, but offset by losses in the public sector.
If you don’t want to lose your lunch, you really shouldn’t look at these jobs charts.
And if you don’t want to be depressed, you shouldn’t look at them.
But if you really can’t resist, we’ve assembled a few standout internal charts from today’s horrendous jobs report.
The worst one: The average duration of unemployment has basically shot off the charts
The total civilian employment-population ratio remains at multi-decade lows
The total number of unemployed has jumped back up
Manufacturing jobs haven’t been this low since the 40s
State and local governments continue to shed jobs
Meanwhile, excluding the census spike, the Federal workforce is steady
U.S. Has To Create 250K Jobs A Month For 66 Months To Return To December 2007 Unemployment Rate
It was difficult rerunning this chart with a straight face, make that near impossible, but here are the results. Following the most recent NFP disappointment, the simple math indicates that for the US to return to its December 2007 unemployment, when factoring in the natural growth of the labor force of 90k people a month, the economy will need to add 250k jobs a month for the next 66 months or until the end of Obama’s now very implausible second term. Then again, considering what the alternatives are, we can guarantee that the 2012-2016 period in terms of job creation will definitely not look like what is presented on the chart below.