Unemployment Rate Rising to 7.6% Means We Need Faster Economic Growth

By Ray Pinard | June 17, 2013

An interesting article from FreeEnterprise.com.

The May jobs numbers look as gray as the rainy weather up and down the East Coast. It was better than many expected, but Sam Ro at Business Insider points out, “[I]t continues to reflect a labor market that remains incredibly weak almost four years into the economic recovery.”

The Bureau of Labor Statistics reports that 175,000 jobs were created in May, and the unemployment rate rose slightly to 7.6%. The number of long-term (more than 27 weeks) unemployed remained at 4.4 million.

We continue on a tepid job growth pace. Using the Hamilton Project’s jobs gap calculator, at the current pace of job creation, it will take nine years, five months to return to pre-recession employment levels.

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