May Unemployment = 9.1%; NFP = 54,000

Another lousy jobs report. The economy created just 54,000 jobs last month which was far below Wall Street’s prediction of 160,000 — and that prediction wasn’t very sunny to begin with.

Of the new jobs created last month, 18,000 were in accounting and bookkeeping. Joe Weisenthal points out that manufacturing employment fell by 5,000 last month. The average duration of unemployment is now at 39.7 weeks which is the longest on record.

The futures indicate the market is going to open lower.

Posted by on June 3rd, 2011 at 8:33 am


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