If you’ve read the recent headlines about new jobs, then you’ve missed the real story.
While payrolls grew in May by 431,000 workers, all but 20,000 were temporary Census workers. This tally was weaker than the 520,000 expected by a consensus of economists.
Unemployment also fell, but again some headlines are misleading: Over 300,000 individuals dropped out of the labor force. Overall, the report depicts an economy and labor market that is struggling to find a foothold.
A small loss of about 200 workers capped an anemic month in the industry for May.
Job creation for 2010 is flat, and current employment levels continue to hover at the low point for this downturn, which started nearly two years ago in June 2008.