The U.S. economy added 431,000 jobs in May. However, don’t forget to subtract the 411,000 census workers, 31,000 temporary health-services employees, and 215,000 jobs due to the birth-death adjustment. That equals a negative 226,000 jobs. In addition, the unemployment rate declined from 9.9% to 9.7% because 322,000 people dropped out of the labor pool. Finally, those unemployed longer than 27-weeks hit a new record of 46%.
Hey Joe, how’s that for success!
Till next time,
Bill
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