June 4, 2010
Employment Still Lagging
The latest employment numbers are out and it doesn’t look good (emphasis mine).
US employers added 430,000 jobs to nonfarm payrolls in May, but 411,000 of those were temporary census workers. That number was also well short of the more than 500,000 economists had expected. The unemployment rate, however, fell to 9.7 percent from 9.9 percent in April.
I still don’t expect to see significant hiring gains until Q4 of this year at the earliest. My highly non-scientific polling (talking to customers) shows that most are still in a tentative mode. Perhaps some more enlightened analysis will surface later today.
