95% of new jobs from Census hiring

The Labor Department released sobering news this morning. Payrolls rose by 431,000 last month. That may sound good on the surface, but is far less than the median forecast of 536,000 jobs. But it gets worse: of the 431,000 jobs, 411,000 of them were census workers. Those are government jobs, not private sector jobs -- and are temporary. That means the private sector hired a mere 41,000 more workers in the past month. The unemployment rate fell a bit -- but only because of the way that figure is calculated. The unemployment rate only measures those people seeking work. If people give up hope (and remember Obama's campaign was all about "Hope" and "Yes We can") they drop out of the labor force and are not included in the unemployment rate.Two days ago, Barack Obama said that he thought there would be good news on Friday when then employment were released. I suppose if, like Obama, a person only looks at government payrolls as a measure of an economy's health, that...(Read Full Post)