Apparently the fifth time isn’t a charm either. Another “Recovery Summer” goes bust.
The U.S. economy added 175,000 jobs in May, a gain that shows employers are hiring at a still-modest but steady pace.
The Labor Department said Friday that the unemployment rate rose to 7.6 percent from 7.5 percent in April.
The government revised the job figures for the previous two months. April’s gains were lowered to 149,000 from 165,000. March’s figure was increased slightly to 142,000 from 138,000. The net loss was 12,000 jobs.
Employers have added an average of 155,000 jobs in past three months, below the average of 237,000 created from November through February.
Everything is “below average” but it’s still good news. Why? Because that’s the Official Spin, that’s why!