Friday, May 8, 2009

Government Payroll Warping Overall Data?

Last unemployment post of the day. Across the Curve with the details:

This report does not look real swell to me. The net revisions subtract 66K and the one area of strength was government workers where my friends at UBS had a nice call on the census worker hiring (66K also). Back out the 132K and you get -671.

Source: BLS

1 comment:

  1. It's certainly not unusual for the government and healthcare sectors to be the most aggressive hirers at this stage of a recession/recover. What is concerning, though, is that it doesn't not appear to be a temporary condition. The administration's policies, to-date, do not exhibit any systemic, pro-growth elements. As such, the ultimate recovery is prone to be quite weak and susceptible to a double dip.