Private sector hiring remains punk

The only part that mattered within the May Payroll # was the 41k job add in the private sector vs expectations of 180k but it’s about in line with the ADP figure of +55k. The two prior months were revised lower by 22k. Census hiring was 411k with the total now being 564k. All will be gone by Sept. Manufacturing job gains totaled 29k, 4k less than expected but positive for a 5th month. Construction shed 35k jobs and Financial lost 12k. Temp workers rose by 31k. The unemployment rate fell by .2% to 9.7% but not for good reasons as Household Employment fell by 35k and the labor force fell by 322k. The all in rate fell to 16.6% from 17.1%. The average duration of unemployment hit a new record of 34.4 weeks, up from 33. The B/D model added 29k more than last yr at 215k. The two positives were avg weekly hours was higher than expected as was avg hourly earnings. Bottom line, private sector hiring remains punk.

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