More Long-Term Unemployed, More 99ers, But Less Government and Private Sector Action on Jobs

The May BLS jobs report was discouraging for millions still seeking a job in a weak jobs market. Only 54,000 jobs were created and the unemployment rate increased to 9.1%. About 125,000 jobs need to be created each month to absorb new entrants into the workforce. With that in mind, 71,000 more jobs needed to be created just to break even for the month. Recall that McDonald's hired 62,000 in May . If not for McDonald's hiring binge, would there have been a net job loss instead of a jobs gain in May?

The underemployment rate did improve slightly to 15.8% from 15.9%. Underemployment is when someone wants a full-time job but is working fewer than 34 hours a week.