The Bureau of Labor Statistics reported the economy added 54,000 jobs in May:
http://stats.bls.gov/news.release/empsit.nr0.htm
There were 83,000 private-sector gains and 29,000 public-sector losses.
The chart indicates that month-to-month data vary. But the chart also shows increases averaging around a quarter-million during periods of robust economic expansion. We can continue to hope for the best.
Job growth
(Click on chart to enlarge.)
But it will take more than hope to bring the unemployment rate down from 9.1% to an acceptable 5% level. The economy requires consistent monthly job growth between 200,000 and 300,000 over the next several years to achieve that acceptable level.
Success of this sort requires robust improvement in all major areas. As long as housing remains in the doldrums, anemic homebuilding will be an anchor holding back all other sectors. That's why the foreclosure crisis affects all of us, even if we dwell in residences that are secure from financial difficulty.
(The chart was taken from http://www.beyourowneconomist.com. [Click on Seminars and then Charts.] Go there for additional charts on the economy and a list of economic indicators.)
© 2011 Michael B. Lehmann
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