Midknight Review -- new and revised: 431,000 New Jobs, But Private Hiring Cooled Last Month

By SCOTT STODDARD, INVESTOR'S BUSINESS DAILY permalink

Understand that the last 3 years are NOT on this chart.

Private payrolls grew in May by the smallest amount this year, overshadowing a surge in short-term Census jobs and triggering a sharp market sell-off Friday.

Nonfarm payrolls swelled by 431,000, thanks to temporary Census hiring, the Labor Department said. But private payrolls rose by just 41,000, a sharp deceleration from April's 218,000. Overall and private jobs both missed forecasts.

The jobless rate fell 0.2 point to 9.7%, but that was due to 322,000 people leaving the labor pool.

Stocks tumbled on the jobs data and renewed European debt woes. The Nasdaq fell 3.6%, the S&P 500 3.4% and the Dow 3.2%.

"Investors understood that there would be a large number of public jobs," said Lawrence Creatura, a portfolio manager at Federated Investors. "But they also expected a more robust private showing."

Some critics accuse the Census of padding payrolls by firing and rehiring temp workers. In any case, those 411,000 jobs will soon fade.

Manufacturers hired 29,000, their fifth straight gain, but construction firms shed 35,000 workers. Service firms added 37,000, with gains in business services, education, health care and temporary help outweighing cuts by retailers and financial firms.

Creatura said many companies are loath to hire due to uncertainty about the impact of ObamaCare and other policy changes.

The Stated Nonsense from the Left now includes these Progressive goals:

July 2, 2008, Obama had this to say: "We cannot continue to rely only on our military in order to achieve the national security objectives that we've set. We've got to have a civilian national security force that's just as powerful, just as strong, just as well-funded."

MICHELLE OBAMA: "Barack knows that we are going to have to make sacrifices; we are going to have to change our conversation; we're going to have to change our traditions, our history; we're going to have to move into a different place as a nation."

“ . . . . . . they have become a generation of activists possessed with that most American of ideas – that people who love their country can change it.” -- Obama the Radical

On September 30, Van Jones told MSNBC "I think everybody should hold onto your seats. October is going to be the turning point when it comes to the progressive fight back."

Midknight Review -- new and revised

431,000 New Jobs, But Private Hiring Cooled Last Month

By SCOTT STODDARD, INVESTOR'S BUSINESS DAILY permalink

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