Full report (PDF).
The important bit:
Nonfarm payroll employment changed little (+54,000) in May, and the unemployment rate was essentially unchanged at 9.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains continued in professional and business services, health care, and mining. Employment levels in other major private-sector industries were little changed, and local government employment continued to decline.
A bit more commentary from The Market-Ticker about the actual report:
The household data showed a small increase in employment, most of it coming from “not in labor force” decrease, and accounting for seasonal variation it was immaterial:
The problem with the “not in labor force” numbers is that they’re highly seasonal; monthly they improved, but annually they’re flat. In other words, that’s seasonal delta and not a reason to cheer; on an annualized basis there has been no material change since the beginning of 2010 and the number of “not in labor force” folks continue to rise every month.
The employment rate of the population, the key number for tax revenues, is showing the same bounce we saw last year – and if it’s playing out the same way then this should be the peak month in that bounce. That’s bad.
If you’re looking for a piece of good news in the numbers, there was one tiny bit of it: six cents of hourly wage increase and U-6 ticked down one tenth. But that’s all. The diffusion indices collapsed, down more than 11 points to 53.6 with the manufacturing diffusion index off a near-even 10 points.
$1.7 trillion in deficit spending, $600 billion in QE2, over $4.5 trillion in deficit spending in aggregate over three years and we not only haven’t fixed the employment problem we’re still doing QE2 and now the heroin is doing nothing at the current dose as the addict has once again built tolerance and the negative effects continue to accumulate.
The real problem that has been going on, but only just now are people beginning to understand, is that real wages have been declining all the while prices have been going up. Prices have been going up for ONE REASON: the Federal Reserve has been devaluing the dollar by printing more of them and giving them to the banks in order to hide their insolvency. You see, these mechanisms are perpetual bailouts for Wall Street, and it is DESTROYING the real economy – i.e. your production, your income, your wages. Don’t believe me? See below:
Most of us know how horrific things were for people during the Great Depression. Now consider the fact that things are much WORSE and much harder for people RIGHT NOW! What we have been experiencing since 2008 is far worse than the Great Depression, despite what the government and the mainstream media have tried to force you to believe through their manipulation of the data and their outright lies in their commentary thereto. In actuality, over the past DECADE, real private-sector wage-growth has scraped the bottom at 4%, just below the 5% increase from 1929 to 1939, during the Great Depression! So, your reality and what the government wants you to think are two entirely different things.
Simply put, during the Great Depression the government did not interfere with prices of goods by printing money. They allowed prices to fall in response to real demand, thereby allowing the majority of people to at least afford essential items for daily living. If you had a job during the Great Depression, your standard of living actually increased because of falling prices. If you didn’t have a job, most likely you had some savings that would tide you over. Now, unless you have a government job, like these 77,000 federal workers who are paid more than state governors, your standard of living is not only falling, you are now having difficulty paying for daily essentials like food, heating your home, and gasoline for your car to actually get to and from work.
This is what happens when the government (through the Federal Reserve) tries to manipulate the free market. In this case, all of the manipulation is due to Wall Street and our insolvent banking sector. We truly have a government by the few and for a very elite few. If you’re working for the government or Wall Street, you’re doing fine. The rest of us are living in something far worse than the Great Depression – we’ll call it the Greater Depression, or better yet, call it what it is: the largest looting operation in the history of humanity. We no longer have capitalism; we have fascism. This is precisely how the middle class is being destroyed. Soon, there will only be the 1% at the very top and 99% of us at the very bottom, with nothing in between. Welcome to reality.