The Bureau of Labor Statistics released its "Employment Situation Summary" for the month of May. The unemployment rate went up to 8.2 percent, while nonfarm payroll employment increased by only 69,000. Mark Thoma provides a good interpretation of today's news: Will the weak employment report prompt action from policymakers?
Nonfarm payroll employment changed little in May (+69,000), and the unemployment was essentially unchanged at 8.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in health care, transportation and warehousing, and wholesale trade but declined in construction. Employment was little changed in most other major industries...[Continue]