The May jobs report is very disappointing, but certain factors should be taken into consideration.
Even before the economic downturn, most companies, to maximize profits, were reducing their workforces and benefits to remain competitive. To meet these objectives, companies were utilizing process improvement initiatives to remove waste and non-value added parts of their operations.
Today's economy has required more companies to implement these principles. Better technology and removing redundancies have resulted in employers eliminating many jobs, which are gone forever.
This requires vocational retraining for the 8.2% of Americans out of work but looking for a job, and it must be noted when assessing unemployment figures in relation to the economy as a whole.