Friday, June 4, 2010

A not so great jobs report

The good news in today's jobs report is that the economy added 431,000 nonfarm jobs in May, the largest increase in a decade according to NYT.  The not so good news is that (1) analysts were expecting a net addition of 540,000 jobs and (2) 411,000 of the new jobs were for the Census.  As I have emphasized in earlier posts, one should not make too much out of a single monthly report.  We have now had three straight months of significant job growth, but much of it has been in government jobs.  By the end of the year, the stimulus package will start winding down -- will the private sector be picking up?

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