Employers add fewest jobs in 8 months; unemployment jumps to 9.1%

Employers pulled back sharply on job creation in May, and the unemployment rate took a surprising jump, according to new data Friday, confirming worries that the economy is losing momentum -- and fast.

Employers added only 54,000 jobs in May, down from a revised 232,000 in April, the Labor Department said Friday morning. The unemployment rate rose to 9.1 percent last month, from 9 percent.

The grim numbers are the latest in a string of disappointing economic readings. Manufacturing is slowing, and consumers are pulling back on spending, according to other data released this week. All point to an economic expansion that is now too sluggish to bring down unemployment to a sustainable level. The economy needs to add around 125,000 new jobs each month just to keep pace with an ever-growing population.

Read Full Article from Washington Post

- Posted: 2011-06-03 11:03:26

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