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Decline in jobs ‘devastating news,’ says Romney

Posted on June 1st, 2012 Read time: 1 minutes

Citing figures from the U.S. Bureau of Labor Statistics, CNBC reports that that despite adding 69,000 jobs in May, the unemployment rate rose to 8.2 percent.

While the nearly 70,000 jobs added may seem like a decent amount, it was less than half of what economists predicted for the month (158,000). This, according to Republic presidential candidate Mitt Romney, is "devastating news," the news source states.

The amount of long-term unemployed (27 weeks or longer) ballooned from 5.1 million to 5.4 million during that same time period.

"It's painfully obvious the economic recovery in the U.S. isn't just slowing down, it's pulling up the emergency brake," said Todd Schoenberger, managing principal The BlackBay Group in New York, as quoted by the media outlet. "And, lack of job creation isn't the only critical concern. Wages/Income is sharply lower."

While the service industry was the biggest gainer last month with 84,000 new jobs, construction took the biggest hit, losing 28,000 positions. According to The Atlantic, the amount of construction employees in the workforce is down to 4.14 percent – the lowest it's been since July of 1946.

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