May 2010 Non-Farm Payrolls UGLY and Joe Biden feels silly

Department of Labor (DOL) May 2010 Non-Farm Payroll Report

Total nonfarm payroll employment grew by 431,000 in May, reflecting the hiring of 411,000 temporary employees to work on Census 2010, the U.S. Bureau of Labor Statistics reported today. Private-sector em-ployment changed little (+41,000). Manufacturing, temporary help services, and mining added jobs, while construction employment declined. The unemployment rate edged down to 9.7 percent.

The number of unemployed persons was 15.0 million in May. The unemployment rate edged down to 9.7 percent, the same rate as in the first 3 months of 2010.

In May, the number of long-term unemployed (those jobless for 27 weeks and over) was about unchanged at 6.8 million. These individuals made up 46.0 percent of unemployed persons, about the same as in April.

Manufacturing employment increased by 29,000 over the month. Factory employment has risen by 126,000 over the past 5 months. Within manufacturing, both fabricated metals and machinery added jobs in May. Temporary help services added 31,000 jobs over the month; employment in the industry has risen by 362,000 since September 2009.

Government employment rose by 390,000 in May. The Federal government hired 411,000 temporary workers for Census 2010, bringing total temporary census staffing during the payroll survey reference period to 564,000. Employment in state government excluding education decreased by 13,000.

The change in total nonfarm payroll employment for March was revised from +230,000 to +208,000, while the change for April remained at +290,000. Full Report 

Grandpa: The magical Birth/Death adjustment added 215,000 jobs in May according to the Department of Labor. Last month, the DOL waved their magic wand and created 188,000 jobs. Of course the DOL cannot actually "touch" any of these faux employees let alone collect payroll taxes. 431,000 less 411,000 census workers less 31,000 temporary workers equates to a net loss of 11,000 and that is before one factors in the "vapor employed" courtesy of the Birth/Death adjustment.

Vice President Joseph Biden predicted Wednesday night (June 2, 2010) that the United States will add between 700,000 and 1.4 million workers to the list of the employed by year's end and in the process mute the administration's critics. Jumping Joe Biden also stated on Tuesday: 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.

Are you feeling silly Joe?? Best to keep you day job and leave the data and equity market manipulation to professionals.