Friday, June 04, 2010

Private sector employment rose by over 700,000 last month

Despite all the wringing of hands on Wall Street, the labor market did not have as bad a month as traders and speculators have claimed. The headline number was for a private sector gain of only 41,000, but that is the adjusted number. The actual, unadjusted (still only an estimate) was for a gain of 710,000 jobs. Sure the adjustment does mean something, but it is based on a fully healthy economy and ours is still a relatively weak but recovering economy, still in the early stages of recovery.

Total (unadjusted) nonfarm payroll employment rose by 1.09 million last month.

Unadjusted household employment rose by 195,000.

Unadjusted unemployment fell by 240,000.

U-6, the broadest official measure of unemployment that includes part-time workers wanting full-time work, discouraged workers, etc. declined from 17.1% in April to 16.6% in May. That is significant progress, even though we are still far from getting out of the woods on the labor front.

Remember: the so-called "professionals" on Wall Street are not your friends; they are seeking to take as much of your money as possible; DO NOT listen to Wall Street; read as much real data as you can and talk to as many real people with real information on the real economy as you can and make up your own mind before making investment decisions based on economic data. Wall Street WILL NOT give you a realistic picture. Do not look to Wall Street for investment advice.

-- Jack Krupansky

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