Unemployment Rate at 8.2%
The American jobs engine hit stall speed in May, with the economy adding just 69,000 new jobs while the unemployment rate climbed to 8.2 percent.
As another summertime swoon looms, the Bureau of Labor Statistics reported that job creation missed economist estimates for 158,000 new positions and the jobless rate rose for the first time in nearly a year.
Labor force participation remains near 30-year lows though incrementally better than last month, rising to 63.8 percent.
The unemployment rate that counts discouraged workers rose as well, swelling to 14.8 percent from 14.5 percent in April.
As the U.S. Chamber’s updated jobs chart below indicates, the economy, based on a 39-month recovery following the end of the recession, would have to create almost 1.2 million jobs per month between now and September to return to pre-recession job levels.