US Job Data, May 2010

The US unemployment rate is around 15 million people unemployed in May. The number of long-term unemployed was unchanged from April. Not all is bleak as the private sector in the US showed job growth, with 41,000 jobs created. Monthly US job data is closely watched by investors and the current high unemployment remains one of the biggest obstacles to strong, sustained growth. President Obama has said that creating jobs is his number one focus. At the moment this news seems to be ignored as investors fret about the Euro Zone and Spain's credit rating to reviewed by Moody's today.