Payrolls in 27 states show May decreases
Washington, D.C., United States (AHN) – Troubling statistics released by the US Bureau of Labor Statistics on Friday revealed that payrolls decreased in 27 states during May.
California showed the largest decrease in jobs with a drop of 29,200 followed by New York that shed 24,700 jobs, Pennsylvania with a drop of 1,4200, Michigan lost 13,400 and Maryland shed 13,300.
However, the jobless rate only fell in 24 states while it rose in 13.
Leading the pack of states that gained in the payroll department was Florida with 28,000 more jobs and Ohio with an additional 12,000.
This report comes on the heels of a report by the International Monetary Fund adjusting its forecast for economic growth in the US downard to 2.5 percent from the 2.8 percent it forecast in April.
Because 70 percent of economic growth comes from consumer spending in the US, until hiring picks up it is unlikely that the economy will grow much. A consumer is simply an American with a job and a paycheck that is sufficient to allow for discretionary spending.
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