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Jodi Beggs

Fun With the May Jobs Report...

By June 7, 2013

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Hey party people, it's that time of the month again when we get new unemployment numbers from the Bureau of Labor Statistics. So how's the economy doing? Let's go to the report:

  • The nonfarm economy added 175,000 jobs and the unemployment rate rose a tiny bit to 7.6%. (If you are confused about how both of these things can happen at the same time, you haven't been doing your reading.)
  • This translates to 11.8 million unemployed people in the U.S.
  • Notable industry employment gains were in professional and business services, food services and drinking places, and retail trade.
  • Federal government employment fell by 14,000 this month, for a total decline of 45,000 over the last 3 months. (This is mainly the sequester in action.
  • Average workweek hours wages basically stayed the same from last month, at 34.5 hours and $23.89, respectively.

Overall, the jobs report was in line with what people were expecting, though some say it's better than expected, and a few others even seem to think it's the most important thing ever. The market reaction to the report appears to be positive for stocks but negative for gold and Treasury securities.

For further reading, I recommend white House Chief Economic Adviser Alan Krueger's take on the matter, or, for the visually inclined, Dylan Matthew's jobs report in charts.

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