May's unemployment report is out this morning, and it's the worst we've seen in a long time. The economy added just 38,000 jobs for the month, which is the smallest monthly figure since September 2010. In the 12 months prior to May, employment growth had averaged 219,000 per month.
The good news is that the headline unemployment rate fell to 4.7 percent in May, the lowest that number has been since November 2007. But the decrease in the jobless rate was due in part to a people dropping out of the labor force.
Part of the problem is the Verizon strike, which has reduced the number of people listed as employed by 35,000. But even adding those workers back into the workforce would still make this a disappointing month.