There is little news in this morning’s jobs report from the Bureau of Labor Statistics. There were 175,000 jobs created in May, but the unemployment rate ticked up a notch to 7.6 percent. (The BLS euphemistically called the unemployment rate “essentially unchanged.” I doubt they would have used that phrase had it gone down a notch.)
The number of unemployed, 11.8 million, stayed the same, as did the number of long-term unemployed (over 27 weeks), at 4.4 million. The unemployment rate for teenagers (24.5 percent) and blacks (13.5) remained dismal. The rate for blacks actually went up, from 13.2 percent.
The statistics also show, starkly, the importance of education, or at least education credentials. For people over 25 with less than a high school diploma, the unemployment rate is 11.1 percent. For those with a high school diploma but no more, it’s 7.4 percent. With some college, it’s 6.5 percent. For those with a college degree, it’s only 3.8 percent.
In all, President Obama continues to preside over the worst economic recovery since the Great Depression. As James Pethokoukis tweeted this morning, the Obama administration promised in January 2009 that, if the stimulus passed, the unemployment rate today would be just above five percent.