Petrified Truth

Petrified Truth

  • 100 Main St
  • Houston, Texas
  • 77002-1721

Description

At a time when investors desperately needed some reassurance that the U.S. recovery remains on track, the May employment report was a sucker punch. Forget the headline 431,000 rise in U.S. payrolls for May, the most in a decade. Some 411,000 were temporary census jobs. Private-sector job growth was a mere 41,000 jobs. That tallies with stubbornly high levels of new unemployment claims in recent weeks. Only 59% of the U.S. population was employed in May. Compare that with 63% employed in December 2007, before the recession began, and chronically high unemployment is clearly a lasting scar of the recession.

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