Unemployment Hits 9.4 Percent; Good News Buried In BLS Report?

We can’t let you have good news without tempering it. The Bureau of Labor Statistics (BLS) reported that the unemployment rate in May reached 9.4 percent, or 14.5 million unemployed Americans.

The BLS also reported that the number of long-term unemployed (jobless for 27 weeks or more) increased by 268,000 last month to 3.9 million. That number has tripled since the start of the recession.

But—and there’s a big but here—according to the same report, the number of people “not in the workforce” (people who have given up on job-searching( decreased by 170,000. That means that 170,000 unemployed people just this month decided to start looking for a job. Perception, as we know, is often more important than facts, so we think this is great news.