This was the lowest total of new jobs added by the private sector in 8 months. A prior forecast from Rueters had predicted that 175,000 new jobs would be added in May.
Perhaps things will pick up in June, when many recent college graduates will commence employment. As we recently reported, hiring for 2011 college graduates is up significantly from last year.
However, no matter how you slice it, this is very bad news. More and more people are seeing their unemployment benefits expire (creating an illusion that jobless rates are down), and many recent college graduates are out of work. Employers are very resistant to hiring people who are currently unemployed, and 1 in 5 men ages 25-54 are currently unemployed.
There are some bright spots.
As noted above, hiring of 2011 college grads is up, and there are a number of industries that seem to be on the rise. Maybe the best news, though, is that a surprising 68% of Americans believe that they have achieved or will achieve the American Dream! It is, I think, this belief in ourselves, and in our Country's mission, that sets us apart from the rest of the World, and will help guide us through this miserable recession.
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