Economics Professor Bill Seyfried Comments on the May Employment Report

June 1, 2012 - There's no way to spin it. The May employment report was very weak. In addition to the weak job growth in May, April's numbers were revised down significantly. Looking at the numbers, the weakness was evident in several sectors, but two stand out. Professional and business services added between 70,000-90,000 jobs per month in late 2011 and early 2012, but was flat in May. Leisure/Hospitality, which had been adding 30,000-45,000 jobs, lost jobs last month. Together, they represent between a 100,000 and 135,000 decline in the amount of job growth. Is there any good news? Gas prices are going to continue to decline (wholesale price is $2.65 as of this writing, down 65 cents from its recent high in March). In addition, both inflation and interest rates are likely to remain low as economic weakness persists

Read more at Dr. Seyfried's blog.

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