Biggest Jump In Jobs In 10 Years
Conservatives will say it’s only because of the addition of temporary Census workers; nevertheless, 431,000 jobs were added in May, the biggest jump in 10 years, and the continuation of a five-month trend. It’s not all-perfect news, but it’s trending in the right direction.
It was a disappointing number for private sector hiring as economists surveyed by Briefing.com had forecast an overall gain of 500,000 in May.
Despite the spike in hiring, the unemployment rate slipped to 9.7% from 9.9% in April. Economists had forecast it would decline to 9.8%.
After nearly two years of constant job losses, the U.S. economy has added 982,000 jobs so far in 2010, adding workers in every month, a sign that the labor market is improving beyond the short-term Census jobs. But the modest gain shows that employers are still cautious about adding staff.Click here for reuse options!
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