Nation's Unemployment Rate Holds at 6.3% in May
The U.S. economy added 217,000 jobs in May.
That held the nation's unemployment rate held steady at 6.3%. Bankrate Economic Analyst Mark Hamrick says that means improvement is below the level many would like to see. Hamrick says it shows that the nation and world are still recovering from the recent recession. He says while the nation has recovered most of the jobs lost since the recession, they still aren't the same quality jobs and many are part time. Hamrick says the nation needs upwards of 350,000 new jobs per month to really make an impact.
However, he says rapid job growth is a balancing act with inflation. He adds that analysts remain concerned about the potential for pull backs with the high-flying stock market and geopolitical concerns among other variables that directly impact the U.S. and world economy. Hamrick says analysts are hopeful that the nation's jobless rate might fall to 6.0% this year.