(Reuters) - Vice President Joe Biden on Tuesday predicted the upcoming May employment report would show a much larger number of jobs created than in the previous month, when 290,000 jobs were added.
"It is going to be well beyond that this time," he told a Democratic Party fund-raising event in New York.
Analysts polled by Reuters forecast May's employment report will show 513,000 new U.S. jobs were created. The closely watched data is scheduled to be released on Friday.
GREAT RECAP BY ZERO HEDGE (http://www.zerohedge.com/):
Looking For A Fake 700,000 May Non-Farm Payroll Number
This Friday the NFP report from the BLS could easily surpass 700,000 people, driven primarily by temporary census hirings and by Birth/Death adjustments. The Census Bureau reported that between the weeks of May 9 and May 15, there were 573,779 employed census workers. In the prior month, for the week ended April 17, there were 156,335 census workers employed, or a differential of 417,444 newly hired census workers between April and May. Keep in mind that in the May NFP report, the benefit from census workers was at 66,000, or 90,335 less than the Census reported number.
As a result, due to the BLS' voodoo math and double counting, its is distinctly possible that the Census alone will add up to 507,779 workers (organic hirings of 417k and the plug for the prior period of 90k). Also, recall that the Birth-Death adjustment in April "added" another 188,000 workers. Retaining the same level of statistical adjustment, and the May NFP number will be at 700,000 before even one real full-time person has been added to the economy in the month of May!
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