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US unemployment rate rose To 9.1%

06 June 2011 08:42 (UTC +04:00)

Baku - APA-Economics. The biggest news story right now is that the US unemployment rate is on the rise again. In fact, the Labor Department revised its job creation numbers for March and April to show that, in all actuality, 39,000 less jobs were created than was first thought. In addition, only 54,000 jobs were created in May, which is the lowest in over 8 months.

This vast reduction in job creation â€“ where within the past three months the US has added an average of 220,000 new jobs â€“ has pushed the unemployment rate back up to 9.1%. In addition, private companies ended up hiring only 83,000 workers in May, which is the lowest number in over a year.

This report by the Labor Department has prompted stock futures to plunge dramatically.

Breaking the numbers down, in the government sector, local governments cut nearly 28,000 jobs in May â€“ which includes approximately 18,000 education workers and teachers. In addition, counties and cities across the nation have slashed jobs for 22 straight months totaling nearly 446,000 positions.