Unemployment rate hits 9.1% in May
The nation’s unemployment rate in May increased to 9.1%, up from 9.0% in April, according to government data released Friday.
The number of unemployed persons remained essentially unchanged at about 13.9 million, the Bureau of Labor Statistics reported in its latest employment situation summary. Construction employment was essentially unchanged in May. Employment in the industry has shown little movement on net since early 2010, after having fallen sharply during the 2007-to-2009 period.
In May 2010, the nation’s unemployment rate stood at 9.7%.
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Plumbing innovator MJSI hires CFO
Shorewood, Ill.-based MJSI, makers of the HydroRight dual flush converter, hired Jim Ramig as chief financial officer.
In this newly created position, Ramig is responsible for all strategic and tactical matters as they relate to budget management, cost benefit analysis, forecasting needs and financial oversight and planning. He reports directly to Michael Schuster, president of MJSI.
“Jim’s 25 years of experience in strategic financial leadership will be invaluable for our company,” Schuster said. “His stellar track record in building corporate worth and reducing costs is noteworthy. That combined with his expertise in working with national retailers and his knowledge of manufacturing are assets that will be critically important as we continue to aggressively grow our company.”
Ramig most recently served as controller at AERO Products International, the manufacturer and distributor of inflatable air beds and other products. Prior to that, Ramig was the CFO and COO at Strombecker Corp., an international manufacturer of plastic and metal toys.
NPD U.S. Economic Perception Indicator
The May 2011 NPD U.S. Economic Perception Indicator, a measure of consumer confidence, is up slightly to an index reading of 40.0. That’s up slightly from 39.8 in April, showing consumers are slightly more concerned about the U.S. economy than a month ago, but the index is down from 40.6 in May.
The NPD Group’s U.S. Economic Perception Indicator measures consumer beliefs about the current and near-term state of the U.S. economy, on a scale of 0 — "very concerned" — to 100 — "very confident."
Source: The NPD Group Inc./The Economy Tracker, May 2011
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