Market Updates
U.S. Economy Regains Jobs Lost in Recession, Jobless Rate at 6.3%
Mukesh Buch
06 Jun, 2014
New York City
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U.S. employers, private and government, added net 217,000 jobs in May and unemployment rate was unchanged at 6.3%, Labor Department said today.
U.S. employers, private and government, added net 217,000 jobs in May and unemployment rate was unchanged at 6.3%, Labor Department said today.
The report today showed a steady but uneven recovery continued in the labor market as the U.S. economy rehired all 8.7 million jobs lost in the recession.
Employment declined by 8.7 million between January 2008 and February 2010 but since then employers have rehired 8.8 million.
Total employment exceeded pre-recession level to 138.5 million mark, a milestone in the labor market.
For the fourth month in a row employers added more than 200,000 jobs, the first period since October 1999 and January 2000.
April job gains were revised lower to 282,000 from the previous estimate of 288,000.
The long term unemployed still account for 34.6% of all the unemployed and the number of Americas looking for work for more than six month declined by 78,000.
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