We've reached the point where bad news is now good news on the employment front.
Today's numbers show job gains of 175,000 for May, and anything less than 300,000 would have been considered bad news in the now gone "good old days."
The unemployment rate is 7.6% and anything higher than 5% would have been considered bad news in the good old days.
But that's what big government and spending more than we take in gets us. So look forward to more of the same for years to come.
U.S. adds 175,000 jobs in May; unemployment 7.6% says this:
" The U.S. created 175,000 jobs in May in a sign that the economy continues to
grow at a moderate pace despite higher taxes, federal spending cuts and a weak
global economy. The unemployment rate ticked up to 7.6% from 7.5%, the Labor
Department said Friday, as more people entered the labor force in search of
work. Economists surveyed by MarketWatch expected an increase of 164,000 jobs
last month and a jobless rate of 7.5%. Employment gains for April and March were
The number of new jobs created in April was lowered to 149,000
from 165,000, while March's figure was revised up to 142,000 from 138,000. The
largest increase in hiring in May occurred in the fields of professional
services (57,000), bars and restaurants (38,000) and retail (28,000). The
manufacturing sector cut 8,000 jobs and government employment fell slightly
again. Average hourly wages, meanwhile, edged up 1 cent to $23.89 while the
average workweek was unchanged at 34.5 hours. The U6 jobless rate dipped to
13.8% from 13.9%, while the civilian participation rate rose for the first time
since October to 63.4%, as 420,000 people joined the labor force."
The report was as expected.
More to come later on the issues with focusing on unemployment rather than the more important employment rate.