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Friday, June 4, 2010

Jobs Data Disappoints

Posting this from 20,000+ feet. Gotta love technology.

RTT News details the latest employment report:

The report showed that non-farm payroll employment increased by 431,000 jobs in May following an unrevised increase of 290,000 jobs in April. The job growth fell short of economist estimates for an increase of about 500,000 jobs.

While the increase in jobs in May marked the fastest pace of job growth since March of 2000, the increase was primarily due to the addition of 411,000 temporary employees to work on Census 2010.

At the same time, the Labor Department said that the private sector added only 41,000 jobs in May after adding 218,000 jobs in April. The modest increase marked the weakest pace of private sector job growth since January.

Paul Ashworth, senior U.S. economist at Capital Economics, said, "This is a timely reminder that, although the economic outlook is improving, the recovery is still pretty tepid."drop in construction jobs.
The details below... notice the drop in overall labor force, a reversal of the past few months which many saw as an indication confidence in the economy was returning. Also note the utter disaster that is teenage employment (more on that here).

Any with the increase in overall employment and drop in labor force, a downturn in the unemployment rate(s).

Source: BLS