Friday, June 4, 2010

Teenage Unemployment grows in May 2010.

The Department of Labor's new unemployment/employment statistics are less than spectacular for the month of May; as the statistics reflect a growing tide of temporary Census Bureau jobs, and a slowing tide of Private Sector employment. Plus another increase in the teenage unemployment rate.

Overall Job Growth for the Month of May - 431,000.
Government/Census Bureau Job Growth - 390,000.
Private Sector/ Non Farm Job Growth - 41,000.
Private Sector/Manufacturing Job Growth - 29,000.
Private Sector/Construction Job Loss - 35,000.

The overall economic situation of America did not improve last month. The Private Sector did not create anywhere close to enough jobs. The federal government created over 90% of May's "new employment". Plus the Construction Industry (which gained 59,000 jobs in March and April combined) lost 35,000 jobs last month, not good news at all.

Total Unemployment - 9.7% (-0.2%)
Adult Men Unemployment - 9.8% (-0.3%).
Adult Women Unemployment - 8.1% (-0.1%).
Teenage Unemployment - 26.4% (+1.0%).

As a Teenager myself who cannot find a job (at this point I have given up; I'll be enlisting in the United States Navy* later this year), 26.4% teenage unemployment does not surprise me. However, the numbers are telling: Businesses are hiring who they must, who they trust, and who won't cause a bust.

The statistics are depressing. And our recession is not ending.

* - I've been wanting to enlist in the United States Navy for Two Years now, and this awful recession; no job, allows me to serve my Nation without leaving anything behind in Upstate New York.

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