Unemployment rose to 9.4% in May-the highest level since September 1983-as businesses cut 345,000 non-farm jobs, the Department of Labor reported today.
The economy has lost 7 million jobs since the current recession started in December 2007. Last month's job loss was about half the average monthly decline for the last six months.
In the last year, the number of unemployed persons has increased by 6 million and the unemployment rate has increased by 3.9%.
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The number of persons unemployed in May was 14.5 million, up from 13.7 million in April, when the unemployment rate was 8.9%
The number of persons unemployed for 27 weeks or more was 3.9 million, up from 3.7 million in April.
Wages remained sluggish, Average hourly earnings remained unchanged. Over the last 12 months, average hourly earnings increased 3.1% and average weekly earnings rose 1.2%.
As in April, employment increased in education and health care. It was unchanged in government and decreased in manufacturing, construction, and professional and business services.
There were 156,000 jobs lost in manufacturing and 59,000 losses in construction.
There were 51,000 losses in professional/business services, 18,000 losses in retail and 44,000 in the leisure/hospitality field.
The unemployment rate among certain segments of the population was: adult men, 9.8%; adult women, 7.5%; blacks, 14.9%; Hispanics, 12.7%; and teenagers, 22.7%.
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