Labor

Submitted by Jim Quinn via The Burning Platform blog,

Only a captured government drone could put out a report showing only 38,000 new jobs created, with the working age population rising by 205,000, and have the balls to report the unemployment rate plunged from 5.0% to 4.7%, the lowest since August 2007. If you ever needed proof these worthless bureaucrats are nothing more than propaganda peddlers for the establishment, this report is it. The two previous months were revised significantly downward in the fine print of the press release.

Submitted by Southbay Research

Private Sector hits the pause button. Seasonal Adjustment prevents negative payrolls

• Industrial Recession continues and spreading throughout the supply chain infrastructure
• Private Sector non-industrial sectors have shifted to a wait-and-see hiring position
• Consumer spending remains strong

The bad parts: It's no longer just an industrial recession

While we have already commented that the "awesomely bad" jobs report was just that, both qualitatively and quantitatively, one question is where the jobs weakness was most pronounced, i.e., which sectors saw the biggest drops in jobs in May. The answer: half of all job sectors posted a decline in May payrolls, a drop that was much broader than just the Verizon miss.

The incredible miss in May's jobs data (only adding 38,000 jobs, the lowest since September 2010) caused Rick Santelli to explode into another one of his epic rants - slamming the fact that the headline unemployment number will be touted and the central banks have created such a mess.

"Ten more months of thirty something thousand and we'll be under 3% unemployment! This totally summarizes the disconnect between good jobs, the jobs number, the unemployment rate and what motivates the fed and its dual pillars"

 

Firts, a few notes from FTN on today's report which the firm classified quite simply as "awesomely bad":

U.S. Jobs ’Awesomely Bad’, Particularly Poor Timing