May reports indicate the unemployment situation has stabilized for the first month in a long time.

• More jobs were added in May 2010 than any other month since September 1983.
• The service sector of the job market increased payrolls for the first time since the start of recession, i.e. in over two years.
• May marks the fifth consecutive month of jobs gains in the U.S.

Facts & Figures

• 55,000 private sector jobs and 458,000 public sector jobs were added in May, causing the employment rate to drop a tenth of a percent.
• It’s estimated that two-thirds of the added jobs were temporary due to the 2010 U.S. Census, but regardless, May holds its record of most jobs added in 27 years.
• Claims for unemployment benefits dropped by 10,000.

Best Quote

“Because what everyone is stating is it’s a jobless recovery, and I can’t emphasize enough the long decline we’ve had, I don’t want to minimize one month of growth, but I don’t want to get overly optimistic.” – Anthony Nieves, Chairman of the ISM Non-Manufacturing Survey Committee