Payrolls fell by just 345k, much better than estimates of a drop of 520k and the two prior months were revised higher by 82k. However, due to a 437k fall in the household survey and a rise in the labor force, the unemployment rate ROSE to 9.4%, .2% more than expected at to the highest since Aug ’83. The U6 rate rose to 16.4% from 15.8%. There was a big drop in the level of construction firings as they fell just 59k following 4 months of triple digit declines. Financial services also shed just 30k jobs and Retail jobs fell 18k, both better than recent trends. Education/health added 44k which is above the recent trend. Leisure, hospitality added 3k and temp jobs fell just 7k, a big improvement. Govt jobs fell by 7k, led by the fed’l govt (amazingly). A caveat in the beat was the B/D model which added 220k, 44k more than May ’08 which is a statistical fluke as the economy is worse today than it was in May ’08, thus today’s # is overstated. REVISED
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.