Obama-May jobs report show economy strengthening

[Johnn]

http://www.reuters.com/article/idUSN0415483620100604

I am not leaning on the right or on the left but this is hilarious!

New jobs in May: 431,000
Job added from US Census: 411,000 - These jobs are temporary jobs
So the real increase in number is 431,000 - 411,000 = 20,000

So our President is dumb or he is playing dumb?

[Raider]

So our President is dumb or he is playing dumb?

Playing dumb, He's hoping the American people are dumb enough to assume these jobs are in the private sector.

I was reading a story yesterday about this very issue;


Economy adds 431K jobs but few in private sector

WASHINGTON – Job creation by private companies grew at the slowest pace of the year in May, even while the hiring of temporary census workers drove overall payrolls up 431,000. The unemployment rate dipped to 9.7 percent as many people gave up searching for work.

The Labor Department's new employment snapshot released Friday suggested that outside of the burst of hiring of temporary census workers by the federal government many private employers are wary of bulking up their work forces.

That indicates the economic recovery may not bring relief fast enough for millions of Americans who are unemployed.

Virtually all the job creation in May came from the hiring of 411,000 census workers. Such hiring peaked in May and will begin tailing off in June.

By contrast, hiring by private employers, the backbone of the economy, slowed sharply. They added just 41,000 jobs, down from 218,000 in April and the fewest since January.

"Although the economic outlook is improving, the recovery is still pretty tepid," said Paul Ashworth, senior U.S. economist at Capital Economics.

MORE > http://news.yahoo.com/s/ap/us_economy

[draggar]

So when their work is over will the report include the 411,000 jobs lost?

[stock_post]

So when their work is over will the report include the 411,000 jobs lost?

Probably not - they remember the fact they were temporary jobs.

[mgstudent]

It's a tough economy though and so we should be grateful that the economy has grown by 20,000.

I'm not leaning left or right here either - but every time I have heard Obama speak about this, he admits that ~95% of the jobs are from census workers.
Unfortunately these jobs will be lost but overall (despite this up and down) if 20,000+ jobs a month are being added that's much better than losing any.

[INFORG]

True unemployment is closer to 17-20%
You need to add about 150K jobs per month just to stay even with population growth
We would need to add 250K plus each month for the next 8 years straight to get back to where we were a few years ago.
The formula for unemployment is understated, because it uses a faulty assumption that for each business that goes under, a new business is created ( an historically accurate assumption, but doesn't hold during a downturn)
Government jobs are a net drag on the economy.

All the new college and highschool grads are going to have a really tough time.

Once you dig through the spin a little on all of these "positive" signs, you can't help but see things are not getting much better, anytime soon. Watch this summer as housing prices set new lows. The tax credits pulled forward some sales without helping prices much, the foreclosure inventory and pending foreclosures are growing behind the scenes, and a second wave of commercial and residention defaults are coming.