May Job Losses WAY Better Than Feared

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Update: The stock market isn’t reacting particularly strongly anymore. The Dow is now up about 25 points.

Original Post: Well, we lost 345,000 jobs in May, which is rough, but that’s way better than the loss of 525,000 analysts had been looking for.

And, both March and April were modestly revised higher, which is a genuine sign of green shoots.

One negative number is the overall unemployment rate, which hit 9.4%, vs. expectations of 9.2%.

Stocks are soaring, with the Dow up over 100 points.

The release from the Bureau of labour Statistics is here.

Nonfarm payroll employment fell by 345,000 in May, about half the
average monthly decline for the prior 6 months, the Bureau of labour
Statistics of the U.S. Department of labour reported today. The unem-
ployment rate continued to rise, increasing from 8.9 to 9.4 per cent.
Steep job losses continued in manufacturing, while declines moderated
in construction and several service-providing industries.

Unemployment (Household Survey Data)

The number of unemployed persons increased by 787,000 to 14.5 million
in May, and the unemployment rate rose to 9.4 per cent. Since the start
of the recession in December 2007, the number of unemployed persons has
risen by 7.0 million, and the unemployment rate has grown by 4.5 per cent-
age points. (See table A-1.)

Unemployment rates rose in May for adult men (9.8 per cent), adult
women (7.5 per cent), whites (8.6 per cent), and Hispanics (12.7 per cent).
The jobless rates for teenagers (22.7 per cent) and blacks (14.9 per cent)
were little changed over the month. The unemployment rate for Asians was
6.7 per cent in May, not seasonally adjusted, up from 3.8 per cent a year
earlier. (See tables A-1, A-2, and A-3.)

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