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The Bureau of Labor Statistics just announced unemployment has dropped from 9.9% to 9.7%. Hoorah for less unemployed, right?? Actually, three cheers to Uncle Sam.
Last month total nonfarm payroll employment grew by 431,000 … but 411,000 of those jobs were merely temporary employees to work on Census 2010. Private-sector employment only added 41,000 net jobs.
What does this mean? Given that jobless claims have not significantly improved, we can expect unemployment to continue plaguing the economy as temp hiring for the Census wanes in the coming months.
It’s always nice when our uncle can hook up a job. But resurrecting a healthy economy means we need to find patrons outside the family.
To see more detailed coverage of how the economic data will affect markets, click here for a free trial to our Wall St. Cheat Sheet Premium newsletter (June issue will be hot off the press tonight!).
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