Friday, July 2, 2010

The Jobs Report Comes Out Today

And it looks bleak. However, the jobs report for June will look bad mostly because of the Census Bureau's elimination of about 235,000 federal temporary jobs which will overshadow any hiring or firing elsewhere in the economy--but that doesn't mean there wasn't a loss in jobs anyway. From the NYT:

And exactly how much private payrolls grew in June could help shape the economic policy debate for months to come. The median forecast is 110,000 new jobs, but predictions range from 22,000 to 200,000.

Private sector payrolls have been recovering so far this year, rising every month since January and peaking with growth of 218,000 in April. But the growth in May was disappointing, just 41,000 new jobs. For comparison’s sake, the economy has shed 7.4 million jobs on net since the recession officially began in December 2007, and in the meantime, the number of people willing to work has been growing.

The June report will help determine whether May’s report was a temporary blip or a red flag that the economy is in real trouble. The latter situation seems to have been supported by some economic news the last few days.


Stay tuned! I'll post the jobs report when it's published later today.

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