Economy Miraculously Adds Jobs despite Increase in Unemployment
By: Jessie Markell
The Department of Labor Statistics released their May jobs report this Friday, announcing that the economy added 175,000 jobs this month despite unemployment climbing from 7.5% to 7.6%. The numbers present an economy struggling to recover in light of heavy Fed intervention, with the effects of QE 1-3 beginning to show.
They also lowered the number of jobs added to the economy initially reported for March and April from 303,000 to 291,000.
Interestingly, the two sectors with the highest growth were temporary help agencies and food services, showing that Americans are still in need of help and are still hungry. Of course, that is hyperbole, but these are still not very encouraging statistics.