Friday, May 7, 2010

Unemployment Rate Drops to 9.9% as Economy Adds 290,000 Jobs

The US economy added 290,000 jobs, roughly 66,000 government jobs, as the unemployment rate drops 0.2% to 9.9%. What dip in unemployment means despite the job growth is that a lot of people are back looking for jobs. That is a good sign. Unfortunately, there are not enough jobs for everyone who wants one. I think we can expect to see this same kind of seemingly bizarre numbers in the months ahead.

"The Labor Department said nonfarm payrolls rose by a higher than expected 290,000 jobs last month -- the largest gain since March 2006. That followed an upwardly revised 230,000 increase in March.
However, as a reminder of the labor market's continued weakness, the unemployment rate increased to 9.9% last month. Economists were expecting it to remain at March's 9.7% level.

More at

To put this in the contexts of the last few months; after rising to %9.5, 'fake' falling to %9.4, rising to %9.7, and then rising again to 9.8%, and rising again to 10.2%, dropping to 10%, held steady, dropping to 9.7%, held steady, held steady again, and then dropped to 9.9%.

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