Courtesy of Calculated Risk
From the BLS:
Nonfarm payroll employment fell by 345,000 in May, about half the average monthly decline for the prior 6 months, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The unemployment rate continued to rise, increasing from 8.9 to 9.4 percent.
Steep job losses continued in manufacturing, while declines moderated in construction and several service-providing industries.
Click on graph for larger image.
This graph shows the unemployment rate and the year over year change in employment vs. recessions.
Nonfarm payrolls decreased by 345,000 in May. The economy has lost almost 3.6 million jobs over the last 6 months, and over 6 million jobs during the 17 consecutive months of job losses.
The unemployment rate rose to 9.4 percent; the highest level since 1983.
Year over year employment is strongly negative (there were 5.4 million fewer Americans employed in May 2009 than in May 2008). Continue Reading
