May Jobs Report Grim; Unemployment Rate Increases

It’s that time of month again. Yes, that time of month.

According to the recent job report on the hiring front, companies hired less employees than expected in May. As indicated by CNN, merely 69,000 jobs were added last month and the unemployment rate increased to 8.2 percent.

Perhaps expectations are critical to these numbers since CNN Money surveyed economists who were hoping for 150,000 new jobs instead of 69,000. Plus, they anticipated the unemployment rate would have remained at 8.1 percent. No such luck.

Private companies slowed down hiring last month and overall economists point a finger at Europe for the slow economic growth and China’s curtailed growth as well.

Bill Dunkelberg, chief economist for the National Federation of Independent Business commented to CNN, “It was really shockingly low.” For instance, he pointed out small businesses haven’t been feverishly hiring because they’re not getting a steady new stream of clients.