The Non-Farm Payroll employment report for May shows an increase of 431,000 new hires for the month. This was fewer than the 536,000 predicted and a closer look reveals that of the 431,000 new positions, 411,000 were temporary positions created to conduct the 2010 US census.
Private payroll also rose, but at a slower pace than expected with only 41,000 new positions created.
Ã¢â‚¬Å“ItÃ¢â‚¬â„¢s going to be a long haul,Ã¢â‚¬Â Michael Englund, chief economist at Action Economics LLC in Boulder, Colorado, said before the report. Ã¢â‚¬Å“We really arenÃ¢â‚¬â„¢t adding many jobs. WeÃ¢â‚¬â„¢ve lost some momentum in the economy and final sales clearly arenÃ¢â‚¬â„¢t enough to generate job growth.Ã¢â‚¬Â
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