The Non-Farm Payroll employment report for May shows an increase of 431,000 new hires for the month. This was fewer than the 536,000 predicted and a closer look reveals that of the 431,000 new positions, 411,000 were temporary positions created to conduct the 2010 US census.
Private payroll also rose, but at a slower pace than expected with only 41,000 new positions created.
“It’s going to be a long haul,†Michael Englund, chief economist at Action Economics LLC in Boulder, Colorado, said before the report. “We really aren’t adding many jobs. We’ve lost some momentum in the economy and final sales clearly aren’t enough to generate job growth.â€
Source: Reuters
