Friday, June 4, 2010

US added only 41,000 jobs in May, but the number inflates to 431,000 because of temporary census workers

The AP couldn't airbrush this one, and released probably the shortest report that I have seen from the AP on the economy:
The nation's payroll grew by 431,000 last month, completely reflecting a burst of temporary census hiring by the government. Private payrolls grew at the slowest pace since the start of the year.

The unemployment rate dipped to 9.7 percent from 9.9 percent, as thousands of people left the labor force.
The New York Times (via memeorandum) has more detail: U.S. Added 431,000 Jobs in May, Mostly From Census
The figures for May represented the fifth consecutive month that payrolls have risen, but fell below analysts’ expectations that 540,000 jobs would be added to the economy.

The shortfall was immediately reflected in futures trading in the Wall Street stock indexes, with the Dow Jones industrial average expected to open almost 2 percent lower.

Altogether, 411,000 of the jobs added were for Census workers whose positions will disappear after the summer.

The net gain in government jobs was 390,000, while the private sector added only 41,000.
So the unemployment rate dropped because even more people gave up looking for work, and private job growth is almost nonexistent.  Uh - and we're in a recovery??? Here a visual of the truth in the jobs numbers:
Recall that Obama rammed through his stimulus boondoggle to keep unemployment from going into the double digits:
How's that stimulus working out for you all? Here is what has been happening with Biden's 3-letter word last year:
January US jobs lost: 598,000 jobs
February US jobs lost: 706,000 jobs
March US jobs lost: 742,000 jobs
April US jobs lost: 545,000 jobs
May US jobs lost: 345,000 jobs
June US jobs lost: 467,000 jobs
July US jobs lost: 247,000 jobs
August US jobs lost: 216,000 jobs
September US jobs lost: 263,000 jobs
October US jobs lost: 190,000 jobs
November US jobs lost: 11,000 jobs
December US jobs lost: 85,000 jobs
January US jobs lost: 20,000
February US jobs lost: 30,000
March US jobs lost: -162,000
April US jobs lost: -290,000
May US jobs lost: -431,000

Total US jobs lost under Obama: 3,582,000 jobs
3.5+ million fewer jobs to lose, and that's neglecting the corrections that were made to the jobs numbers from last year that showed even bigger losses. Recall that the stimulus package was supposed to stop the unemployment rate at 8%! A crisis could become a calamity? Remember that? Here's how that looks (via Michael's Comments):

Note that the blue lines are the numbers that Obama's team came up with. So the actual unemployment rate is not only worse that what would happen with porkulus, but even worse than was predicted without it. And the jobs picture:

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