New statistics from the United States Department of Labor indicate that US-based companies hired 175,00 new employees during May. The data has been used as a proven indication that the United States’ economy is improving, despite a range of major business personalities claiming that the figures are unreliable.
The figures released by the Department of Labor are slightly above the suggested median in a recent Reuters poll. Supporters of the current economic policy call it a victory for the United States economy, but economic watchdogs claim that the US unemployment rate’s continued growth indicates a lack of economic progress.
More Americans are unemployed than ever before in 2013, according to the latest unemployment statistics from the Labor Department. The unemployment rate hit 7.6 percent in May, climbing up a tenth of a point in one month. Since 2007, close to 9 million jobs have been lost in the United States, most in skilled positions.
While the above-average increase in new jobs is certainly good news for many, the jobs that have been gained aren’t quite as glamorous as those that were lost prior to the economic crisis. Critics of the Labor Department’s report claim that many of the new jobs were created in low-paying sectors, such as retail sales.
The increase in jobs was complemented by an increase in household wealth – one that many critics claim isn’t as valuable as it seems. Increases in household wealth can largely be attributed to an increase in housing prices, critics claim, making the average American family no richer in practice than it was several years ago.
As economic policy continues to dominate the political playing field in the United States, we can expect an increased focus on job creation. While the Department of Labor’s figures certainly suggest progress, many Americans remain sceptical on the topic of a rapid recovery in employment opportunities.
