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May Non-Farm Payrolls 54K, Below Consensus Of 165,000, Unemployment Rate 9.1%
Massive collapse in the American employment situation: May NFP at 54K, down from 244K, and not only below consensus of 165K, but below the lowest economist prediction of 65K. Private payrolls increased just 83K on expectations of 170K. Manufacturing payroll dropped 5K on expectation sof a 10K rise. The unemployment rate was 9.1%, although U-6 declined from 15.9% t 15.8%. The absolute number of unemployed increased fom 13.747 million to 13.914 million. For the third month in a row the Labor Force Participation rate remained flat at 64.2%.
Chart of the all important labor force participation:
From the Establishment Survey:
Total nonfarm payroll employment was little changed in May (+54,000), following gains that averaged 220,000 in the prior 3 months. Private-sector employment continued to trend up (+83,000), although by a much smaller amount than the average for the prior 3 months (+244,000). In May, job gains occurred in professional and business services, health care, and mining. Local government employment continued to trend down. Employment in other major industries changed little over the month. (See table B-1.)
Employment in professional and business services continued to increase in May (+44,000). Notable job gains occurred in accounting and bookkeeping services (+18,000) and in computer systems design and related services (+8,000). Employment in temporary help services was little changed.
Health care employment continued to expand in May (+17,000). Employment in the industry had risen by an average of 24,000 per month over the prior 12 months.
Mining added 7,000 jobs in May. Employment in mining has risen by 115,000 since a recent low point in October 2009.
Employment in manufacturing changed little in May (-5,000). Job gains in fabricated metal products and in machinery were offset by losses in transportation equipment, paper and paper products, and printing and related support activities. The manufacturing industry added 243,000 jobs from a recent low point in December 2009 through April 2011.
Construction employment was essentially unchanged in May. Employment in the industry has shown little movement on net since early 2010, after having fallen sharply during the 2007-09 period.
Employment in local government continued to decline over the month (-28,000). Local government has lost 446,000 jobs since an employment peak in September 2008.
Employment in other major industries, including retail trade, transportation and warehousing, information, financial activities, and leisure and hospitality, changed little in May.
The average workweek for all employees on private nonfarm payrolls remained at 34.4 hours in May. The manufacturing workweek for all employees increased by 0.2 hour to 40.6 hours over the month, while factory overtime was unchanged at 3.2 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was 33.6 hours in May. (See tables B-2 and B-7.)
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Where is the graph that tracks unemployed economists on Wallstreet?
One hour into the silver long/short battle and silver is still winning.
A fed head needs to come to a microphone and speak easy money to start the next short squeeze.
Gawd. Steve Lies-man and Matt Zandi are pathetic. When does it it sink in to people like this that the Titanic is sinking?
Gotta love our trickle down economy!
30 months of this easy money experiment and it looks to be an abject failure.
Oh what the Keynesian economists will say the QE should have been x times bigger. x being a number to be determined by a roll of the dice.
I am eager to hear from Bernanke. Does he still believe that he is genious?
"Is Keynesism now discredited" I think I just heard on CNBC.
YES IT IS. YES IT IS. YES IT IS. YES IT IS.
Liquidate all the bad debt.
The bad debt is a cancer that is slowly killing the patient that is the economy of the USA.
mr shock, you got some of it right, but missed the bigger point ..CFR members of which inhabit both parties and alot of fed and banks..wanted to change america..and they have..NWO elites ala IMF DK..types who have directed this take down..silly of you to not have done your homework. when shooting you must clearly see the target.
Talk about changing America.. Watch this interview.. They been at it for a century now:
http://www.youtube.com//watch?v=YUYCBfmIcHM
I'll consider the 100 year credit collapse over when I see liesman and zandi et al and 1000s of 'economists' gone from their 6 figure 'jobs' and out on the sidewalk trying to sell their radioactive apples.
QE-Infinity!!!!!!!
I wonder when The Bernank will appear in public in full Wizard of Oz regalia!?
How awesome would it be if he came to present before the congress in a wizard hat and robes?
The Solis interview on CNBC is priceless. She desperately clings to her talking points, but her voice and speaking mannerisms are almost panicky.
the only reason I tune to CNBC in the morning is to see Rick's comments....
this morning was epic
and speaking of, I was employed in manufacturing, now working a farm job...I don't see why we are excluded