Non Farm Payrolls Come At -226K After Census (411K), Temporary (31K), And Birth-Death Adjustment (215K)
So much for that 700,000 expectation. At 431k, less 411k census, and 31k from temporary help services, it sure doesn't look good even without the 215k birth-death adjustment which only conspiracy theorists look at according to Mr. Liesman. 431k minus 411k minus 31k minus 215k = -226k. Nuf said. In other news, those unemployed longer than 27 weeks hits a new record at 46%. Nothing conspiratorial about that number.
From the report:
Nonfarm payroll employment increased by 431,000 in May, reflecting the addition of 411,000 temporary workers for Census 2010. Total private employment showed little change over the month (+41,000), following increases in March and April. In May, manufacturing, temporary help services, and mining added jobs, while employment in con-
struction declined. (See table B-1.)
Manufacturing employment increased by 29,000 over the month. Factory employment has risen by 126,000 over the past 5 months. Within manufacturing, both fabricated metals and machinery added jobs in May.
Temporary help services added 31,000 jobs over the month; employment in the industry has risen by 362,000 since September 2009.
Employment in mining continued to increase in May, with a gain of 10,000. Support activities for mining accounted for 8,000 of the over-the-month increase. Since October 2009, mining employment has expanded by 50,000.
In May, the average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.2 hours. The manufacturing workweek for all employees increased by 0.3 hour to 40.5 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls increased by 0.1 hour to 33.5 hours over the month. (See tables B-2 and B-7.)