GOOD JOBS REPORT? – AT 8:46 A.M. ET:   Let the hype begin.  Hard facts to follow.  From The New York Times: 

American employers added 217,000 workers in May, a bit more than the average monthly gain over the last six months and another sign that the economy may finally be gaining momentum after a weak start to the year.

Problem is it takes 150,000 new jobs just to keep up with population growth.  So the net gain was 67,000 jobs, not exactly glittering.

The unemployment rate was flat at 6.3 percent, the Labor Department said Friday morning in its monthly report on hiring and joblessness.

The labor participation rate, which is closely watched by economists and the Federal Reserve as a yardstick for the overall health of the economy, was unchanged at 62.8 percent.

In recent months, the labor participation rate has been hovering at lows not seen since the late 1970s, a sign that increasing numbers of Americans have given up the search for jobs and dropped out of the work force entirely.

COMMENT:  That's correct.  Many Americans have given up.  And the meaning of "new jobs" doesn't become clear until you examine what kind of jobs these are.  In recent months there's been an inordinate growth of jobs in the food sector, which usually means low-paying jobs.  And there's been a disturbing growth in part-time jobs.  Many of the good jobs Americans used to have, especially in manufacturing, have disappeared. 

June 6, 2014