Seasonally adjusted unemployment rose to 9.4 percent in May, up from 8.9 percent in April, according to the U.S. Bureau of Labor Statistics. The “U-6” number, which includes discouraged workers and those working part-time because they can’t find full-time work rose to 16.4 percent, up from 15.8 percent in April. Comparable numbers for 2008 were 5.2 percent seasonally adjusted unemployment and 9.4 percent, including discouraged workers and part-time workers.
Federal unemployment compensation reports released yesterday showed fewer new claims for unemployment compensation last week, and a slight downturn in the total number of people collecting unemployment compensation. According to ProPublica, only 48 percent of unemployed Minnesotans are receiving unemployment compensation. Some 345,000 people lost their jobs in May, the lowest number in many months.
Is all of this good news because the rate of job loss is slowing, or bad news because the total number of jobless workers hit a new high, and even fewer of them are even getting unemployment compensation?
News with attitude, mostly from MN but with occasional forays abroad.News Day summarizes, links to, and comments on reports from news media around the world, with particular attention to Minnesota news.