The US employment report was the most anticipated economic info for the week. Non-farm payrolls rose by 431,000 in May, lower than the consensus forecast for a 540,000 rise, but at least the unemployment rate fell to 9.7%. As the Bureau of Labor Statistics reports. In reality then, this is a rather gloomy employment report. Stripping the over 400,000 temporary jobs for the Census 2010, things haven’t really improved.
The US needs to create about 150,000 new jobs each month just to keep up with the (still) growing demographics; so in real terms, this represents a net loss of jobs for the month of May. Looking ahead then, with several million new graduates entering the labor force this summer, employment still presents a major uphill battle for the US economy.
For more: Two Reasons Why You Shouldn't Bank On A Private Sector Jobs Rebound
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