Friday
Jun042010
May Job Increase Only Nominal
Friday, June 4, 2010 at 9:42AM
by Miles Wolf Tamboli - Talk Radio News
The Bureau of Labor Statistics announced Friday that employment grew by 431,000 jobs in May; however, 411,000 of these jobs can be attributed to the temporary governmental employment of Census 2010 workers.
"While these are encouraging developments, we clearly have a very long way to go until the labor market is fully recovered," said Christina Romer, Chair of the White House Council of Economic Advisers in a statement.
In the private sector, there was a marginal increase in employment - 41,000 jobs - but this is only a drop in the bucket for the 15 million still left jobless.
However, hidden in this report is a sparkle of optimism. The number of involuntary part-time workers - those who cannot find a full-time job or whose hours had been cut back - fell by about 4 percent to 8.8 million.
This new batch of information shows that, although unemployment has fallen since April, the change has only been nominal and the rate has continued to rise since 2009.
Romer also emphasized that "it is important not to read too much into any one monthly report, positive or negative. ... Emphasis should be placed on persistent trends rather than month-to-month fluctuations."
The Bureau of Labor Statistics announced Friday that employment grew by 431,000 jobs in May; however, 411,000 of these jobs can be attributed to the temporary governmental employment of Census 2010 workers.
"While these are encouraging developments, we clearly have a very long way to go until the labor market is fully recovered," said Christina Romer, Chair of the White House Council of Economic Advisers in a statement.
In the private sector, there was a marginal increase in employment - 41,000 jobs - but this is only a drop in the bucket for the 15 million still left jobless.
However, hidden in this report is a sparkle of optimism. The number of involuntary part-time workers - those who cannot find a full-time job or whose hours had been cut back - fell by about 4 percent to 8.8 million.
This new batch of information shows that, although unemployment has fallen since April, the change has only been nominal and the rate has continued to rise since 2009.
Romer also emphasized that "it is important not to read too much into any one monthly report, positive or negative. ... Emphasis should be placed on persistent trends rather than month-to-month fluctuations."
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