Unemployment Rate Increases in Washington

As per the data given by the Federal Government, unemployment rate in Washington region increased to 6% in May compared to 5.9% in the month of April. This has prompted experts to stress that hiring rates will slow down in the later part of the year.

The job growth is still very slow across the country but some experts were optimistic of an improvement in the D. C. region. The region experienced a jobless rate of 6.9% in the months of January and February, but was experiencing better employment figures, which were expected by the experts. The region, along with Maryland and Virginia, has experienced faster growth in private sector jobs as compared to the other parts of the country.

Experts feel that the volatility in the global markets has led to a reduction in the job growth in the region. Most of the companies are not very positive about the ongoing economic recovery process.

People, who had earlier lost their jobs, benefitted as they were hired when employers started hiring in the beginning of the year. Most of the people who had initially been hired were the ones who were laid off due to the recession. The growth in employment slowed down recently and it had a negative impact on the unemployment rate.

The overall U. S. employment rate for the month of May was 9.3%.