Good News? United States Shed 532,000 Jobs In May
A report from a private employment service says that US employers shed 532,000 jobs in May, less than in April, but not much less. It's also less than expected.
The WSJ says:
Private sector jobs in the U.S. fell by 532,000 slots in May, according to a national employment report published Wednesday by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers.
The expected loss is less than the 550,000 drop forecast by economists in a Dow Jones Newswires survey.
Meanwhile, Fed Chairman Ben Bernanke warned that unemployment will continue to rise even after our economy starts to recover.
"...recovery will only gradually gain momentum and that economic slack will diminish slowly. In particular, businesses are likely to be cautious about hiring and the unemployment rate is likely to rise for a time, even after economic growth resumes," Bernanke said.
So keep your chin up, we suppose.
ADP Reports 532,000 Private-Sector Job Losses [WSJ]
Bernanke: Recovery will be slow [CNNMoney]
(Photo:Hulgatha Doodlesack)
Post a comment
Comments:
"In particular, businesses are likely to be cautious about hiring so long as they can continue to beat existing employees into maintaining the workload output and the unemployment rate is likely to rise for a time, even after economic growth resumes," Bernanke said.
There, I fixed it for you.
Don't worry, Obama has already created or saved 600,000 jobs.
Wow, looks like Fett's gotta go through even greater lengths to finance his 'vette.
Re: The-Lone-Gunman: Exactly.
The rest of us get to be glad that we still have our jobs...for the moment.
My little brother got a job offer yesterday. For $10k more than his last job paid him. Hurray!
@The-Lone-Gunman: Sad but true. Fortunately, it's not sustainable. True, there's some wastage out there in terms of over-staffing, but the smarter companies will realize BEFORE their workers start dropping like flies that hey, our employees are actually pretty valuable, and we like them to maintain productivity and not have them burn out, and it's cheaper to just higher some more employees. And then other companies will parrot like every other way they run their business.
At least, I hope so. An economy where workers are expendable and only those who work constantly to exhaustion succeed sounds a lot like wage slavery to me.
How many public sector jobs have been lost?
@cmdrsass: I doubt career politicians even know what C.O.B.R.A. Benefits are, much less know how much these cost...
@econobiker: Pfft. I totally saw Elizabeth Edwards on the Daily Show talking about COBRA and Congressional insurance and so forth w/r/t her cancer treatment.
Old news: You can prove anything with statistics.
@HIV 2 Elway: My dad works in aerospace. Not exactly an up and coming industry these days. He was laid off, and got a new job the following week still in the same field.
I wonder if his layoff counts in these figures. Probably not, since he didn't draw unemployment, but who knows. I'm skeptical of media.
@HIV 2 Elway: Congratulations for your brother!
I had something similar happen to me last fall. Getting laid off turned out to be the best thing to happen to me! I was also able to get a job about $10k more than my last job. Unfortunately, two months later my new employer cut benefits and PTO accrual way back until the economy recovers but I'm still much better off and happier than if my original employer kept me around.
Good news nothing! Next month the May job report will be conveniently "revised" upwards, under the radar - like last month, and the month before, and before that, etc.
@Urgleglurk: Every time my wife wants to spend money I tell her, "My company isn't very stable, I might not have a job in a couple of weeks." This has worked for over a year now.
@GildaKorn: Your dad is lucky. Do you know how many people I know that got laid off and have been looking for work for MONTHS? Lots.
I ought to quit commenting here and get back to work or I might end up a statistic!!
I'm going to be called a fear monger, but to be honest, the way Obama is taking this country, it's only going to get worse.
Socialism (whether we are wholly or partially) is essentially trickle up poverty and more jobs are going to be lost.
As time goes on and the economy gets worse, eventually he will absorb some of that blame (probably not).
Alas, Boba Fett: He was never employable after that sand worm incident....
@Jeff_McAwes0me: Hip-Hip Hooray for more government expansion. We got plenty of money. Grow that sucker. Employee every man women and child
i saw the boba musician last night in union sq park...guy's awesome
@Bladefist: The economy has been getting worse for 30 years, and has accelerated recently due to Socialism...in China. Obama isn't going change the course of history, but a better place to look for blame is with George W. Bush. An recreational war and tolerance of massive banking fraud were huge blows and may have pushed us past the point of no return for prosperity in America.
Good news -- the population of bloggers has increased by 531,000 this past month.