If any of you are even mildly interested in why the financial news reports seem to be preoccupied in the monthly jobs’ reports, this is probably the best written explanation.
The Bureau of Labor Statistics, a part of the Labor Department, released its monthly Employment Situation report last Friday before the opening of equity trading in New York. The stock market was in an ugly mood before the data release–and the tone became even less pleasant after traders saw the tepid numbers being reported.
According to the BLS, the US economy added 69,000 net new jobs during May. As has been the case over the past couple of years, that figure consists in gains from private sector employment (+82,000 jobs) and losses from state and municipal governments trying to balance their budgets (-13,000).
revisions didn’t help
The Employment Situation is a survey of a large number of big employers, both private and public. Data don’t come in all at once, so the Labor Department revises the initial figure in each of the subsequent two months.
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