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Friday, June 4, 2010

The economy added 431K jobs in May - Or Not

Here is your link.

The first paragraph of the article sums it up:
Job creation by private companies grew at the slowest pace since the start of the year, as a wave of census hiring lifted payrolls by 431,000 in May. The unemployment rate dipped to 9.7 percent as people gave up searching for work.

Here is a little more:

Virtually all the job creation in May came from the hiring of 411,000 census workers. Such hiring peaked in May and will begin tailing off in June.

By contrast, hiring by private employers, the backbone of the economy, slowed sharply. They added just 41,000 jobs, down from 218,000 in April and the fewest since January.

IOW the jobs that werre supposedly added were almost all government jobs. Great. Government produces nothing. This is not a long term solution, even if the jobs were temporary jobs.

Here is another nice little bit:

Counting people who have given up looking for work and part-timers who would rather be working full time, the "underemployment" rate fell to 16.6 percent in May from 17.1 percent in April.

I question if 16.6 percent is high enough.

Another depressing part:

The number of people out of work six months or longer reached 6.76 million in May, a new high. They made up 46 percent of all unemployed people, also a record high.

This isn't really news but it is in an article out there in public instead of hidden in government statistics.

We're not out of trouble, yet.

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