The May employment data has raised further concerns that the US economic recovery is stalling.

Only 54,000 new nonfarm jobs were created during the month, compared with a market consensus of 175,000 new jobs, and the unemployment rate rose from 9.0% in April to 9.1%.

US unemployment bottomed out at 6,737,000 million, or 4.4% of the workforce, in March 2007. However it rose rapidly through 2008 and 2009 as the US economy plunged into recession. Jobless numbers peaked at 15,612,000, or 10.1%, in October 2009.

United States unemployed (seasonally adjusted)

  2011 Change 2010 2009 2008 2007 2006
Jan 13,863,000 (6.6%) 14,837,000 11,919,000 7,555,000 7,029,000 7,020,000
Feb 13,673,000 (8.1%) 14,871,000 12,714,000 7,423,000 6,887,000 7,176,000
Mar 13,542,000 (9.7%) 15,005,000 13,310,000 7,820,000 6,737,000 7,080,000
Apr 13,747,000 (9.9%) 15,260,000 13,816,000 7,675,000 6,874,000 7,142,000
May 13,914,000 (6.5%) 14,884,000 14,518,000 8,536,000 6,844,000 7,028,000
Jun     14,623,000 14,721,000 8,662,000 7,028,000 7,039,000
Jul     14,599,000 14,534,000 8,910,000 7,128,000 7,167,000
Aug     14,860,000 14,993,000 9,550,000 7,123,000 7,118,000
Sept     14,767,000 15,159,000 9,592,000 7,221,000 6,874,000
Oct     14,843,000 15,612,000 10,221,000 7,295,000 6,738,000
Nov     15,041,000 15,340,000 10,476,000 7,212,000 6,837,000
Dec     14,485,000 15,267,000 11,108,000 7,541,000 6,688,000

Total unemployed dropped to 13,542,000 in March, or 8.8% of the workforce, but have risen again over the past two months. These figures have had a big impact on investor confidence because the world’s largest economy should be creating up to 250,000 new jobs per month in a robust recovery.

US employment data has become a particularly important statistic as far as investor confidence and the next release, on 1 July, will be awaited with interest.