Friday, June 4, 2010

Multiple Government Manipulations Push Non-Farm Payrolls Higher

Tte Labor Department is reporting that US non-farm payrolls are up  431,000.

BUT, census hiring accounted for the bulk of the new jobs. Private sector added only 41,000 jobs.  BUT to even get to the 41,000 jobs, the BLS had to add  215,000 via that notorious fudge factor, the Birth-Death Adjustment, otherwise the BLS would have had to report a decline in private sector jobs.

As for the unemployment rate, it fell in May to 9.7% from 9.9% in April. BUT, only because 322,000 people dropped out of labor force.

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