The number of accessible jobs rising is something many individuals are hoping for. The May jobs report did not live up to those expectations. It wasn’t awful, but the stock market had pinned their hopes on greater numbers than what came out. There were less than 50,000 jobs in the private sector, and most job growth within the last few months were all as a result of US Census.
Slower growth as outlined by the jobs report
The Department of Labor didn’t disclose doom and gloom entirely in the May jobs report. It does make it clear that the unemployment rate is going to eventually succumb to attrition. According to Forbes, the May jobs report showed a gain of 431,000 total jobs. The bulk of them are temporary. Of those, 411,000 were jobs with the US Census, which means an increase in employment is due in June when Census jobs end.
Private sector slips
The private sector did not fare well. The April jobs report had a gain in private sector employment of 218,000, but May took a turn for the worse and added a scant 41,000 jobs. It's the lowest month given that January for private sector hiring, so it would appear the rebuilding of the workforce is going to be a slow climb. The unemployment rate fell to 9.7 percent from 9.9 percent last month.
Stock market slips
This spring has been a turbulent time for the stock markets. On the heels of the news that job growth had been slower than anticipated, combined with the European debt crisis, the Dow Jones and NASDAQ indexes both slid 1.9 percent, when the S&P 500 fell 2 percent, according to CNN Money. Recovery is apparently taking longer than previously thought.
Additional data at these websites
Forbes
forbes.com/feeds/ap/2010/06/04/general-technology-hardware-amp-equipment-us-economy_7661383.html?boxes=Homepagetopnews
CNN Money
money.cnn.com/2010/06/04/markets/markets_newyork/
No comments:
Post a Comment