For general discussion and debate. Possible talking: employers added practically NO jobs to their payrolls in May.
Virtually all the job creation in May came from the hiring of 411,000 census workers. Such hiring peaked in May and will begin tailing off in June. By contrast, hiring by private employers, the backbone of the economy, slowed sharply. They added just 41,000 jobs, down from 218,000 in April and the fewest since January.
As many not drinking the left-wing Kool Aid suspected, employers postponed permanent new hires as Europe began crushing under the weight of Greek debt. Think about it: why would you consider adding to payrolls until after our friends across the Pond resolve a financial crisis that could possibly lead to a double-dip recession here?
Now, add in the Gulf Coast oil spill and its potentially negative economic impact and hiring could be on hold for quite some time. Thoughts?
