The Labor Department reported that nonfarm payrolls rose by 431,000 in May, however, a full 411,000 of these jobs were temporary positions for work on the 2010 U.S. Census.
Aside from the high level of government hiring, there were only modest job gains in manufacturing (+29,000), professional and business services (+22,000), and education and healthcare services (+17,000) while construction payrolls tumbled (-35,000).
Total nonfarm payrolls for March were revised lower, from a gain of 230,000 to 208,000, while the April gain of 290,000 saw no revisions, meaning that, when the Census hiring is excluded, nonfarm payrolls were virtually unchanged in this report.
In the household survey, the unemployment rate fell from 9.9 percent to 9.7 percent, however, total employment also fell, down 35,000 to 139.4 million.
Some 322,000 people dropping out of the labor market (i.e., no longer officially counting as “unemployed”) allowed the jobless rate to fall and the broader U6 under-employment rate (including those who have given up looking for work and those settling for part-time work) also fell, from 17.1 percent to 16.6 percent.
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I just can’t believe 95.5% of the job hiring came from government.
Effectively, that is hiring that the government takes from elsewhere because they have to take the money that would have gone elsewhere. The net benefit is zero or negative.
Very true.
I just reread the post and must have missed the first time that over 300,000 people dropped out of the work force. Not sure how anyone can spin these numbers.
If that were true, then the temporary nature of the Census jobs would mean that the corresponding jobs “taken from elsewhere” will suddenly pop up once the Census is over. However, I have the feeling that those who were hired for Census work probably chose it as a last resort, knowing it’s not exactly career potential. This implies that there are no other jobs to take; we have too many people and not enough for work them to do.
The unemployment rate dropped only because 350,000 people exhausted their unemployment benefits and are therefore no longer counted as unemployed, (But I bet they vote!) There are also allegations that the 410,000 Census number is bogus. Some workers reported they were hired, laid off, and rehired several times so they counted as three “new” jobs. On the plus side, as the Census unwinds only a fraction of the 410,000 jobs, will count as “lost jobs.” So the administration is cheating both ways.
@dcx2. say you have $10000. you can spend it and generate some jobs or you can give it to the government (or they take it from you) and they spend it to generate some jobs. if the government spends it and calls it stimulus, it isn’t because it is a trade off against what you would have done instead with the money. this is oversimplifying it but government jobs are mostly overhead and you cannot become more prosperous by increasing overhead. you have to increase production of stuff people need/want or become more efficient at it. if the bulk of government spending were directed at and proven to improve the efficiency of things like food and energy production, that could be a net positive. unfortunately, we are obviously far from that scenario and the more we try to stimulate, the more we waste and the worse things will become.
if you want to see some real stimulus. call off the war. cut government spending in 1/2, eliminate income taxes and make the US a tax haven for foreign money fleeing their governments.
[...] Tim Iacono [...]
Our President , and his cheerleader Goldman Sachs , prove themselves more and more untrustworthy each day . I reall get a charge out of Obamas cheerleading early this week on jobs , and it all falling apart today . Pride cometh before a fall . That fall will be great .
[...] ces deux tableaux de Tim Iacono on peut y voir que la situation est bien moins idyllique sur le front de l’emploie que celle [...]
[...] ces deux tableaux de Tim Iacono on peut y voir que la situation est bien moins idyllique sur le front de l’emploie que celle [...]
government jobs are still the best when it comes to job security ,~.