May Employment Report

The headline numbers stunk, with 54,000 jobs created and a 9.1% unemployment rate. Here’s some reaction around the web.

Tim Kane says you should overreact to this report:

This month’s report on May activity shows that the April report wasn’t a fluke. And it confirms that the entire last year of lackluster labor market equilibrium isn’t some unique aspect of a unique recovery. It’s time for some overreaction.

Brian Wesbury says “Yes, May data shows a “soft patch,” but the economy is still expanding and should accelerate in the months ahead.”

Mark Perry says the real source in labor market weakness is in the public sector and the household survey shows 373,000 private sector jobs created in May.  The household survey includes self-employed workers while the other survey, the establishment survey, uses payroll data.

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