Friday, June 5, 2009
When you are wrong, why not be really wrong?
Job losses came in at 345,000, well under the consensus estimate of 520,000 and my estimate of 616,000. The unemployment rate rose to 9.4%. Hours worked dropped a bit and hourly wages were flat.
The BLS also adjusted the previous months' revisions upward, fewer people were let go. I'll have to think about this number. There was no large bump in government employment, nothing stands out as a reason why the estimates were so far off.
This number confirms the overall trend that the ADP survey displayed: roughly 5.8 million jobs lost since the recession started.