Unemployment Rate and Government

Carl Tannenbaum: But that occurred for a good reason: Hundreds of thousands more people began seeking jobs in May, according to CBC. Not all of them found work and so were counted as unemployed. The unemployment rate ticked up to 5.5 per cent from 5.4 per cent in April, the government said Friday. Last month strong job growth reflects a vote of confidence by employers, a sign that they foresee a broader rebound for the U.S. economy after it shrank during the first three months of the year. The steady hiring should help drive the economy through the rest of the year, overcoming the drags caused by a stronger dollar hurting exports and cheaper oil slashing into revenues for the energy industry. "We've restored income for well over three million people over the past 12 months, and that adding a lot of spending power to the economy," said Carl Tannenbaum, an economist at Northern Trust. The government also revised up its estimate of job growth during March and April by a combined net 32,000. (news.financializer.com). As reported in the news.