Friday, June 7, 2013

Breaking News ... Employment Woes Continue ... Get Used To It

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 little changed.

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."

Summing Up

The report was as expected.

More to come later on the issues with focusing on unemployment rather than the more important employment rate.

Thanks. Bob.

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