Leaders with the Bureau of Labor Statistics called the 1-point rise in the national unemployment rate “essentially unchanged,” as they have in recent months when it has dipped down a point.
Although, the revised number of jobs added last month was 77,000, the initial report showed 115,000 jobs added in April, which was underwhelming, analysts said.
So May’s addition of 69,000 jobs was disappointing to some. And, in an election year, these numbers seem to be more scrutinized. After all, it’s the economy, stupid.
After Friday’s report, the Dow Jones industrials dropped more than 200 points.
According to ABC and Bloomberg, economists had expected 150,000 new jobs and for the jobless rate to stay at 8.1 percent for May.
A healthy economy adds at least 200,000 jobs a month, and before the Great Recession, the typical unemployment rate hovered about 5 percent.
In May, the number of long-term unemployed-people jobless for at least 27 weeks-increased from 5.1 to 5.4 million, according to the Bureau of Labor Statistics.
Following the national trend, Tennessee’s unemployment rate fell again in April because fewer people are actually looking for work.
Tennessee’s unemployment rate for April fell to 7.8 percent, down from the March revised rate of 7.9 percent.
In Chattanooga, April’s unemployment rate was 7.1 percent.
State and local numbers for May are not yet available.