May Unemployment Rises to 9.1 Percent
Friday, June 03, 2022 9:30 AM

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According to the Bureau of Labor Statistics (BLS), the unemployment rate for May 2011 increased to 9.1 percent from 9 percent in the month of April after showing a downwards trend since January 2011. This is the second consecutive monthly increase. However, the reported figure is far less than the 9.7 percent reported in May 2010. This is a decrease of 0.7 percent on year-over-year basis and an increase of 0.1 percent sequentially.

This increase in the unemployment rate has taken the economy back into worrisome territory. The U.S. Has battled high unemployment levels in recent years. Now, the global economic turndown has led many nations to verge of stagflation, as is the case in the UK, or even total economic breakdown, as is the case in economies such as Greece, Portugal and Ireland.

The rising inflation and increasing unemployment rate in past couple of months has weakened the trade-off inherent in the Philips curve, which states a positive relation between short term unemployment and inflation. Rising unemployment is a matter of worry for policymakers as monetary stimulus has been losing its impact, which was only meant to increase the employment rate and to put curbs on inflation.

On the other hand, non-farm payroll employment had a little hike of 54,000 in the month of May as reported by the BLS report. This increase compares with the prior month’s increase of 244,000 and 411,000 in the comparable period last year.

 

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