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Job growth disappoints on weak private sector hiring

Gill

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WASHINGTON (Reuters) - Hiring by U.S. private employers slowed sharply in May, a setback for the economy's recovery, even as temporary census hiring pushed overall payrolls growth to its fastest pace in 10 years.

Nonfarm payrolls rose by 431,000 jobs on the surge in government hiring but private employment, a barometer of underlying labor market strength, climbed just 41,000, the Labor Department said on Friday.

Analysts said the data was disappointing but it was unlikely the economy would slip back into recession. Companies are already spread too thin on labor and cannot increase working hours indefinitely to maintain output, they said.

"We do not yet have the makings of a double-dip, and we still believe that private sector job creation will gradually improve over the rest of the year," said Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts.

Financial markets expected private employment to rise 190,000 after increasing 218,000 in April.
Job growth disappoints on weak private sector hiring - Yahoo! Finance

The Dow Jones Industrial Average dropped over 200 points after the sour job numbers were posted today. Of the 430,000 jobs created last month, only 41,000 were in the private sector. The rest were government jobs, primarily with the census bureau.

A whistle blower in the Census is now claiming that the Census bureau hires people, trains them, then lays them off. A few days later, they hire them again, thus a "new" job is created.

The unemployment rate dropped to 9.7% last month, so I'm sure the Obama administration will be crowing about the tiny drop, while forgetting to mention that most is due to government hiring. Private sector employment is still in the toilet.
 

Harry Guerrilla

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Job growth disappoints on weak private sector hiring - Yahoo! Finance

The Dow Jones Industrial Average dropped over 200 points after the sour job numbers were posted today. Of the 430,000 jobs created last month, only 41,000 were in the private sector. The rest were government jobs, primarily with the census bureau.

A whistle blower in the Census is now claiming that the Census bureau hires people, trains them, then lays them off. A few days later, they hire them again, thus a "new" job is created.

The unemployment rate dropped to 9.7% last month, so I'm sure the Obama administration will be crowing about the tiny drop, while forgetting to mention that most is due to government hiring. Private sector employment is still in the toilet.
My company only plans to hire temp workers this year to avoid additional paperwork hassles.
When the busy season is over they will probably be let go.

Looking forward, I don't think they will hire permanent employees, unless 1 gets fired or quits, because of future regulatory requirements.
 

Gill

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My company only plans to hire temp workers this year to avoid additional paperwork hassles.
When the busy season is over they will probably be let go.

Looking forward, I don't think they will hire permanent employees, unless 1 gets fired or quits, because of future regulatory requirements.
Yep, and we will see more and more temporary workers and contract workers when health care reform kicks in.
 

Erod

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Yep, and we will see more and more temporary workers and contract workers when health care reform kicks in.
My company is contemplating eliminating healthcare benefits altogether and just paying the fine, which is a LOT cheaper under Obama's plan.
 

Gill

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My company is contemplating eliminating healthcare benefits altogether and just paying the fine, which is a LOT cheaper under Obama's plan.
I have a funny feeling that thousands of companies are going to do the exact same thing. When individuals that don't have insurance now find out how much insurance is going to cost them, whether they want it or not, the cost to the rest of us will skyrocket. The whole health care reform bill relies on high participation.
 

Erod

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And down goes the Dow to close the week under 10,000. Do we have another crash coming? This thing just can't get any footing.
 

The Prof

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a full FOUR HUNDRED AND ELEVEN THOUSAND were census workers, according to labor

Hiring weak in May except for Census workers - MarketWatch

that's DEVASTATING

and yes, there are now THREE whistle-blowing head-counters who are claiming they've been hired, fired, rehired, refired...

RealClearPolitics - Video - Census Worker Claims Job Numbers Are Being Inflated

with each new signing on accounted as ANOTHER NEW JOB

(that's a lot like the way the STIMULUS was accounted, remember?)

this crew in dc is completely corrupt and incompetent
 

Taylor

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What? This can't be right!

Earlier this Spring I was rebuked by all the Obammites for not offering up my first born in gratitude over a meager 162,000 job gain. Dare I put myself in the line of fire again in claiming "ho hum" to a gain of 430,000? I wish I had saved some of the headlines from this morning claiming "strong" job growth - reuters in particular. It's difficult to stick with the adminstration's narrative with the dow plummeting 325 points.
 

The Prof

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My company is contemplating eliminating healthcare benefits altogether and just paying the fine, which is a LOT cheaper under Obama's plan.
I have a funny feeling that thousands of companies are going to do the exact same thing. When individuals that don't have insurance now find out how much insurance is going to cost them, whether they want it or not, the cost to the rest of us will skyrocket. The whole health care reform bill relies on high participation.
the cons are characteristically clairvoyant

Four companies mulled dropping health insurance plans - Jennifer Haberkorn - POLITICO.com

at&t accountants, for instance, reckon they can recoup 75% of their health care costs by DUMPING their employees

live it, libs, love it, IT'S YOURS!
 

Deuce

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My company is contemplating eliminating healthcare benefits altogether and just paying the fine, which is a LOT cheaper under Obama's plan.
Why don't they drop your healthcare now? It's even cheaper right now because there's no fine.
 

The Prof

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because their charges don't yet qualify for the taxpayer provided perks that further incentivize their bosses dumping em

meanwhile, the inspector general finds that "the census says it hired more workers than it needed as a cost saving measure"

CNSNews.com - Inspector General

so how many of the FOUR HUNDRED AND ELEVEN THOUSAND temp jobs created are FAUX?

unbelievable

no wonder the market tanked
 
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because their charges don't yet qualify for the taxpayer provided perks that further incentivize their bosses dumping em

meanwhile, the inspector general finds that "the census says it hired more workers than it needed as a cost saving measure"

CNSNews.com - Inspector General

so how many of the FOUR HUNDRED AND ELEVEN THOUSAND temp jobs created are FAUX?

unbelievable

no wonder the market tanked
You aren't solely blaming Democrats are you? Correct me if I'm wrong but Bush (a Republican) was President from 2000-2008 and we had a Republicans Congress up to 2006. I'm certainly not saying Democrats didn't contribute but to give them most of the blame is just ignorant.
 

The Prof

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w-stands-for-what's-his-name is responsible for the 2010 census overhiring?

LOL!
 

The Prof

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no one cares about my opinion

but the inspector general...

ah, he's something ELSE
 

washunut

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because their charges don't yet qualify for the taxpayer provided perks that further incentivize their bosses dumping em

meanwhile, the inspector general finds that "the census says it hired more workers than it needed as a cost saving measure"

CNSNews.com - Inspector General

so how many of the FOUR HUNDRED AND ELEVEN THOUSAND temp jobs created are FAUX?

unbelievable

no wonder the market tanked
Whether the number is inflated or not. all of these workers will be laid off in a few months.
 

The Prof

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i know, that's what bodes so badly

that's why the market reacted so measurably
 

Donc

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The median wage continues to drop, manufacturing is going/gone offshore. Might as well get used to looking at unemployment around ten% for the forcible future until the middle-class, or what’s left of the middle-class sees some reason to start spending what dough they have left again.
 

jujuman13

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a full FOUR HUNDRED AND ELEVEN THOUSAND were census workers, according to labor

Hiring weak in May except for Census workers - MarketWatch

that's DEVASTATING

and yes, there are now THREE whistle-blowing head-counters who are claiming they've been hired, fired, rehired, refired...

RealClearPolitics - Video - Census Worker Claims Job Numbers Are Being Inflated

with each new signing on accounted as ANOTHER NEW JOB

(that's a lot like the way the STIMULUS was accounted, remember?)

this crew in dc is completely corrupt and incompetent
And your first clue regarding this crew in dc...........was?
 

jujuman13

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Unemployment in most so called western civilized nations will remain obstinately high until such time as they realize that sending jobs offshore hurts their economies more than anything else.

Manufacture and sell in Country, that way Gov. gets taxes from Company's and workers, workers have Jobs, who loses? oh yes all those downtrodden workers in China/Vietnam/North Korea/Mexico!
 

The Prof

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And your first clue regarding this crew in dc...........was?
their chicago roots

i became more fully acquainted with barack hussein obama the man, i recall, in late 2007 when i learned about his attendance at trinity united on the southside

my source, i remember, was cspan's washington journal, which used to be perhaps the most informative 3 hours on tv
 

cholla

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Why don't they drop your healthcare now? It's even cheaper right now because there's no fine.
Because most employeers like myself, try to do the best for their employees. If you, as an employer, see a cost coming down the road, then you, as a responsible person, will sock away money to cover that cost. That means saving money any way you can. I don't want to drop coverage for my guys, but the way the obama admin is raising taxes and killing jobs, my customer base (mostly homeowners) is shrinking. With this decline coming, we are not expanding and are considering future cuts in costs as well.
Sorry if my guys will lose their healthcare, but if there is no company, then there is nothing, not benefits, not paychecks, not any work, nothing but the unemployment line.
 

cholla

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You aren't solely blaming Democrats are you? Correct me if I'm wrong but Bush (a Republican) was President from 2000-2008 and we had a Republicans Congress up to 2006. I'm certainly not saying Democrats didn't contribute but to give them most of the blame is just ignorant.
No, no,no, this has nothing to do with repubs and dems, this is about spending money that we dont have. Obama is only the latest and worst of the offenders. Do you want to be Greece? Dont you see it coming?
 

Kushinator

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No, no,no, this has nothing to do with repubs and dems, this is about spending money that we dont have. Obama is only the latest and worst of the offenders. Do you want to be Greece? Dont you see it coming?
Are you saying we all would be better off - at this stage in the game - if the government were to have drastically cut spending in line with decreased revenues? Only a handful of bankers and/or money managers would agree; while they reap massive returns from government life support.
 
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