Nonfarm payroll employment fell by 345,000 in May, 2009, about half
the
average monthly decline for the prior 6 months, the Bureau of Labor
Statistics of the U.S. Department of Labor reported. The unem-
ployment rate continued to rise, increasing from 8.9 to 9.4 percent.
Steep job losses continued in manufacturing, while declines moderated
in construction and several service-providing industries.
The number of unemployed persons increased by 787,000 to 14.5 million
in May, and the unemployment rate rose to 9.4 percent. Since the start
of the recession in December 2007, the number of unemployed persons
has risen by 7.0 million, and the unemployment rate has grown by 4.5
percent-age points.
Unemployment rates rose in May for adult men (9.8 percent), adult
women (7.5 percent), whites (8.6 percent), and Hispanics (12.7 percent).
The jobless rates for teenagers (22.7 percent) and blacks (14.9 percent)
were little changed over the month. The unemployment rate for Asians
was 6.7 percent in May, not seasonally adjusted, up from 3.8 percent
a year earlier.
Among the unemployed, the number of job losers and persons who completed temporary jobs rose by 732,000 in May to 9.5 million. This group has increased by 5.8 million since the start of the recession.
The number of long-term unemployed (those jobless for 27 weeks or more) increased by 268,000 over the month to 3.9 million and has tripled since the start of the recession.
Manufacturing employment fell by 156,000 in May. Job losses occurred
in most component industries. Three durable goods industries--motor
vehicles and parts (-30,000), machinery (-26,000), and fabricated metal
products (-19,000)--accounted for about half of the overall decline
in
factory employment. Since its most recent peak in February 2000, employment
in motor vehicles and parts has fallen by about 50 percent. Mining
shed 11,000 jobs in May, about the same number as in April.
Employment in construction decreased by 59,000 in May, compared with
an average monthly job loss of 117,000 in the industry for the previous
6
months. In May, employment fell in nonresidential specialty trade con-
tractors (-30,000) and in residential construction of buildings (-11,000).
Job losses in professional and business services moderated in May,
with the industry shedding 51,000 jobs. This compares with an average
loss of 136,000 jobs per month in the prior 6 months. The temporary
help services industry, which had been dropping an average of 73,000
jobs per month over this period, saw little employment change in May
(-7,000).
Employment in leisure and hospitality was flat over the month. The
industry had lost an average of 39,000 jobs per month during the prior
6
months.
Retail trade employment was down by 18,000 in May; job cutbacks in
re-
tail trade have moderated markedly in the past 2 months. Employment
in
wholesale trade fell by 22,000 over the month, with over half of the
de-
crease (-14,000) among durable goods wholesalers.
Financial activities employment continued to decrease in May (-30,000).
Securities lost 10,000 jobs and real estate lost 9,000. Employment
in
credit intermediation continued to trend down, although the May job
loss
was well below the average job loss for the prior 6 months. Employment
in information decreased by 24,000 in May.
Health care employment increased by 24,000 in May, about in line with
its average monthly job growth so far in 2009. Employment in government
changed little in May.
The Employment Situation for June 2009 is scheduled to be released
on
Thursday, July 2, at 8:30 A.M. (EDT).
Source: The U.S. Labor Department
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