U.S. Job Market Staggers

The U.S. economic recovery has had a bit of a slowdown in May. According to the Labor Department's Job Report for May, only 69,000 jobs were created. This is a much lower number than experts had expected for the month. With that said, the unemployment rate has also climbed up to 8.2%, which is the first time it has increased in the past 11 months. This all comes at a time when Americans are worried about the European crisis, higher gas prices and the constant problems that the housing market faces. It is important, therefore, that the U.S. economy continues to grow, especially since Europe is declining. If the U.S. has frequent slowdowns like the one in May, it could bring about a global slowdown. It had enough of an impact on the economy for the Obama administration to comment that this jobs data was unacceptable and that Congress needs to do something to strengthen the nation. Time will tell if they take action to make a difference in the lives of Americans or not.

Posted in: economic recovery,europe,job growth,obama,quest loans,unemployment,us housing market