May Unemployment Numbers Show Increased Job Losses
In Washington, DC on Friday June 5 the Bureau of Labor Statistics released its monthly employment report showing a 9.4% unemployment rate for May as job losses continue to grow. The number of unemployed individuals in the U.S. is now greater than at any time since the Great Depression.
According to the BLS report, the unemployment rate now stands at 9.4% up from 8.9% in April. Now 14.5 million Americans are unemployed, reflecting an increase of 7 million unemployed since the recession began in December 2007. The number of long-term unemployed persons (defined as jobless for 27 weeks or more) has also risen to 3.9 million.
The last time the unemployment rate reached 9.4% was during the recession of 1982-1983. At that time, unemployment topped out at 10.8% in November-December of 1982. Historically, the current 9.4% unemployment rate and the peaks of 1982-1983 represent the highest levels of unemployment since World War II.
However, the current number of unemployed persons, now totaling 14.5 million, is the highest level recorded in the United States since the Great Depression when unemployment peaked at 15 million. The previous peak was 12.1 million in December 1982.
The Bureau of Labor Statistics monthly unemployment report is based upon a survey of household employment, and is not limited to those receiving unemployment benefits.
- Login to post comments
All of MMPs Feeds