It seems that virtually every newspaper and television network across the United States has reported on the greater EMEA region’s economic instability throughout the first half of 2012. From Spain’s record-breaking unemployment rate to Greece’s bailout, most newspaper headlines have been focused solely on the region’s current double-dip recession.
Prior to the release of Asia Pacific’s latest economic figures, many global economists projected slow economic growth for the region last month, citing April’s 8.6-magnitude Indonesian earthquake, Europe’s monetary woes, and the United States’ slow economic recovery as primary causes.
According to the “The Employment Situation – May 2012” report, hiring dwindled for the third consecutive month in May, as only 69,000 jobs were added to the national economy, the lowest monthly total since June 2011.
For the second straight month, 342 of the United States’ 372 metropolitan areas reported year-to-year unemployment rate decreases, according to the BLS’ “Metropolitan Area Employment and Unemployment – April 2012” report.
Private sector hiring was a bit disappointing last month, as only half of the nation’s 10 major industry groups reported employment increases. In all, the construction, government, information, leisure and hospitality, and professional and business services industries recorded job losses in May.
From December 2011 to February 2012, the national economy generated an average of 252,000 new jobs per month. Since then, only 96,000 new jobs have been added to the economy each month, on average.
In April, United States economists were somewhat alarmed by the findings of the BLS’ “The Employment Situation – March 2012” report, which found that only 120,000 positions had been added to the national economy in March.
Prior to the release of EMEA’s latest confidence, inflation, and employment figures, a majority of global economists were unsure of what to anticipate.
Ever since the worldwide economic recession drew to a close in 2008, a series of untimely events have repeatedly shaken Asia Pacific’s financial infrastructure.
Once again, economists waited for the BLS report to determine if the unemployment data for April would be similar to that of March or if it would increase back to numbers seen in early 2012.