Total nonfarm payroll employment declined by 125,000 in June, and the unemployment rate edged down to 9.5 percent, the U.S. Bureau of Labor Statistics reported today. The decline in payroll employment reflected a decrease (-225,000) in the number of temporary employees working on Census 2010. Private-sector payroll employment edged up by 83,000.
Note, of course, that May’s job report was equally stalled-out; the 431,000 jobs that were ‘gained’ that month were also Census workers. We’re just at the end of that particular necessary, but strictly limited, exercise in government spending.
So, how is that Keynesian economics thing working out for people, anyway? – Because where I’m sitting it seems to be roughly equivalent right now to revving the engine when the car’s set to neutral.
Crossposted to Moe Lane.