Commentary | Wages Incomes and Wealth

It’s Hot Outside but Cold in the Job Market

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Opinion pieces and speeches by EPI staff and associates.

[ THIS PIECE ORIGINALLY WAS POSTED IN TPM CAFE BLOG ON JUNE 6, 2008. ]

It’s hot outside but cold in the job market

By Jared Bernstein

Sweltering DC humidity arrived on schedule this morning, but it brought with it a truly lousy jobs report. I give the full low-down here, but the punchline is that the unemployment rate leapt up a big half-percent in May, from 5% to 5.5%, the largest monthly increase since the mid-1980s, and the highest unemployment rate since late 2004. Payrolls contracted for the fifth month in a row, down 49,000, led by job losses in most industries, including construction, factories, offices, and retailers.

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Jared Bernstein is senior economist at the Economic Policy Institute in Washington, D.C.

[ POSTED TO VIEWPOINTS ON JULY 15, 2008. ]


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