A burst of hiring of temporary census workers helped push down the unemployment rate in May, but the nation's private-sector employers added a mere 41,000 new jobs last month, the Labor Department said Friday.
Nonfarm payroll employment increased by 162,000 in March, and the unemployment rate held at 9.7%, based on U.S. Bureau of Labor Statistics surveys. Hiring for the census added 48,000 jobs in March, a large temporary increase, but less than expected amount, for the month. The change in total nonfarm payroll employment for January was revised from -26,000 to +14,000, and the change for February was revised from -36,000 to -14,000 together this results in an addition of 90,000 jobs.
The Pragmatic Capitalist submits: A smattering of analyst opinions on the jobs report appears pretty mixed. I think the main takeaway here is that this is not a huge market moving event. The improvement is meager and there is A LOT of work yet to be done before we can claim a recovery:
November's job report held positive news in the lower unemployment rate (to 8.6 percent from 9 percent last month), even though employers added fewer workers to their payrolls than had been forecast, and average hourly earnings ticked down by 0.1 percent. In all, the U.S. Labor Department's news left investors encouraged and helped to push ...
The stock market showed again yesterday how non-efficient it can be at times. Several stocks fell to pennies a share for awhile before returning to tens of a dollars a share. While the markets continue to react violently, the economy appears to be gaining more strength.