Friday, June 3, 2011


Unemployment rate up 0.1% to 9.1%, 54,000 jobs created in May.

Private employment rose just 83,000, the least since last June, while government payrolls dropped 29,000. Economists had expected payrolls to rise 150,000 and private hiring to increase 175,000 in May.

The government revised employment figures for March and April to show 39,000 fewer jobs created than previously estimated.

The job creation slowdown confirmed the economic weakness already flagged by other data from consumer spending to manufacturing.

It could stoke fears about the depth and duration of a slowdown that started early in the year.
"It is likely that this will be a soft patch in the coming months but overall it will probably be a soft patch rather than a double-dip recession or something worse," said Sean Incremona an economist at 4CAST in New York.

And yet we've seen confirmation that the housing depression is well into double dip territory now.  I don't see why the rest of the economy won't follow.

PS, May's numbers include a 206,000 birth/death adjustment, meaning we really lost 150,000 jobs last month.  The unemployment rate for African American men continues to be 17% plus and overall black unemployment for those 16-19 is 40% plus, and that's using the government numbers.  Reality is most likely worse.

Asariel's take this morning:

And...  Oh.  Oh, my.
Before we go any further, a little mood music.
Nonfarm payroll employment increased by 54,000 in May, missing expectations by 116,000.  The unemployment rate increased to 9.1%[1], with 13.9 million people unemployed and looking for work.  The average workweek increased mildly to 34.4 hours, and average hourly earnings beat expectations by increasing 0.3% to $22.98.
The number of long-term unemployed[2] increased by 361,000 to 6.2 million people, meaning they now make up 44.6% of the total population of the unemployed.  The number of people employed part time for economic reasons[3] declined slightly to 8.5 million.  Individuals marginally attached to the labor force[4] fell to 2.2 million.  This puts the effective unemployment rate at 16.1%.
Sing it with the Man in Black:
"IF I could start again
"a million miles away
"I would keep myself
"I would find a way."
A little Johnny Cash is certainly appropriate, old friend.   But remember, Weinergate!  Sarah Palin's Schoolhouse Schlock Bus Tour!  John Edwards has been indicted!

Think Washington cares?  I don't.  Neither party seems to give a damn right now.

[UPDATEDave Lindorff is looking more and more correct.

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