Tuesday, June 15, 2010

More "unexpected" news

How often does bad news have to be unexpected before it becomes expected? From Bloomberg:

U.S. Hiring Disappoints, Jobless Rate Falls to 9.7%


Yep. After months of bad unemployment news, and more and more spending that created no jobs... its disappointing that the unemployment rate has not gone down.
But here is the kicker:
Private payrolls rose by 41,000, Labor Department figures showed today, trailing the 180,000 gain forecast by economists. Including government workers, employment rose by 431,000, boosted by a jump in hiring of temporary census workers. The jobless rate fell to 9.7 percent from 9.9 percent.

So the vast majority of the jobs created were in the Census... which means that the jobless rate is going to skyrocket this fall.

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