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.