04 June 2010

Hiring Up (or not) and Unemployment Down (sort of)

This one page article says it all:
'U.S. nonfarm payrolls expanded by a seasonally adjusted 431,000 in May, but virtually all the new jobs were temporary jobs at the U.S. Census, leaving private-sector hiring very weak in May, the Labor Department reported Friday. ... The unemployment rate fell to a seasonally adjusted 9.7% in May from 9.9% in April, according to a separate survey of 60,000 households. The decline wasn't particularly good news, however, because the drop was due to 322,000 people dropping out of the labor force.'
With fears of a double-dip recession continuing, and remaining volatility in the housing and stock markets, claims of steady economic recovery seem premature at best.
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