A Disconnect On Employment

by Pejman Yousefzadeh on June 4, 2010


So, let me see if I have this straight:

1. The jobs report is “weak” and it shows that the recovery is still “tepid,” and “may cool” because job creation “is at the slowest pace since the start of the year”;

2. The main reason the unemployment number dipped to 9.7% is that people gave up looking for work;

3. Of the 431,000 jobs that were created in May, 411,000 of them represent census hiring, which of course, is temporary. And census hiring probably peaked last month;

4. The census hiring numbers themselves are seriously inflated, and passing census jobs off as real jobs borders on the fraudulent;

5. Stocks are falling like a stone as a consequence;

6. According to the President, all of this means that the economy is getting “stronger by the day.”.

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