You may have heard that we added 430,000 new jobs in the latest job report, and that the unemployment rate is down from 9.9% to 9.7% Here’s a preliminary report from the New York Times on Twitter.
Those are superficially good numbers, but as I pointed out yesterday hiring of temporary Census workers was projected to run at about 500,000 employees. And, indeed, that hiring figure ended up at 411,000. That means 95.5% of the new payroll growth was…government hiring. For temp jobs, no less.
By the way, this payroll growth didn’t hit projections. Goldman Sachs was projecting a payroll growth number of about 700,000. Meaning this number is actually…pretty ugly.
It appears as though, if you take temporary government hiring out of the mix, we’re actually losing jobs. Something continued and projected growth in food stamps enrollment would seem to support.