This is a quote from WSJ site - many already question the statistics
According to Friday's report, hiring last month in goods-producing industries fell by 225,000. Within this group, manufacturing firms cut 156,000 jobs, bringing the total since the recession began to 1.8 million.
In contrast, construction employment was down just 59,000 last month, the smallest decline since September.
Service-sector employment fell 120,000, well below its peak losses of nearly 400,000. Business and professional services companies shed 51,000 jobs, and financial-sector payrolls were down another 30,000.
Retail trade cut 17,500 jobs, while leisure and hospitality businesses added 3,000 an indication that households may be boosting non-essential spending.
In a positive signal for future employment prospects, temporary employment -- which economists consider a leading indicator -- fell by only 6,500, its best performance in many months.
"We'll be one of the first (sectors) seeing indications of a bottom," said Roy Krause, chief executive of Spherion Corp., a recruiting and staffing firm. Still, temporary staffing "needs to get positive before we can say there's a turn," he said.
Education and health care added 44,000 jobs. The government shed 7,000.
The average workweek was down 0.1 hour at 33.1 hours, a record low. A separate index of aggregate weekly hours fell 0.7 percentage point to 99.7.
US Labor's Solis: No Error In May Nonfarm-Payrolls Report
WASHINGTON -- U.S. Labor Secretary Hilda Solis denied Friday that there was an error in the latest nonfarm-payrolls report and that the data would be corrected.
Speaking during a conference call with reporters, Solis said the rumor circulating in the financial markets was false.
The May jobs report stunned the market with a much smaller-than-expected drop of 345,000. Wall Street economists had expected a decline of 525,000.
---By Brian Blackstone, Dow Jones Newswires; 202 828 3397; brian.blackstone@dowjones.com |