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Government Jobs Account for 95% of May Job Increases

Posted By admin On June 4, 2010 @ 9:27 am In Prison Planet | Comments Disabled

Shobhana Chandra
Bloomberg [1]
Friday, June 4, 2010

June 4 (Bloomberg) — Employers in the U.S. hired fewer workers in May than forecast and Americans dropped out of the labor force, showing a lack of confidence in the recovery that may lead to slower economic growth.

Payrolls rose by 431,000 last month, including a 411,000 jump in government hiring of temporary workers for the 2010 census, Labor Department figures in Washington showed today. Economists projected a 536,000 gain, according to the median forecast in a Bloomberg News survey. Private payrolls rose a less-than-forecast 41,000. The jobless rate fell to 9.7 percent.

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Government Jobs Account for 95% of May Job Increases 270510banner2 [2]

Stocks declined and Treasuries surged on expectations a slowing in the labor market will restrain consumer spending, the biggest part of the economy. Federal Reserve Chairman Ben S. Bernanke said yesterday that unemployment was exacting a heavy toll, showing why economists forecast interest rates will remain low.

“Hiring looks soft,” said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York. “It does raise some red flags that businesses are still pretty cautious.”

Full story here. [1]


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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=ar_thYFiXUk4

[2] Image: http://www.homegain.com/housead/homes_for_sale/index?entryid=11502

[3] Just 58% of work-age Americans have jobs, lowest since July 1983: http://www.prisonplanet.com/just-58-of-work-age-americans-have-jobs-lowest-since-july-1983.html

[4] Jobless Claims in U.S. Rose 8,000 Last Week to 362,000: http://www.prisonplanet.com/jobless-claims-in-u-s-rose-8000-last-week-to-362000.html

[5] Double Dip Picking Up: Jobless Claims Spike To 472,000, On Expectations Of 455,000: http://www.prisonplanet.com/double-dip-picking-up-jobless-claims-spike-to-472000-on-expectations-of-455000.html

[6] Unemployment in U.S. Jumps to 10.2%, Payrolls Fall: http://www.prisonplanet.com/unemployment-in-u-s-jumps-to-10-2-payrolls-fall.html

[7] Jobless Claims in U.S. Unexpectedly Rose Last Week: http://www.prisonplanet.com/jobless-claims-in-u-s-unexpectedly-rose-last-week.html

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