Jobs, Jobs, Jobs

A mix of good and bad news in the jobs report this morning:
The U.S. economy lost jobs in June, for the first time this year, as modest hiring by businesses only partly offset the end of census jobs.

The Labor Department on Friday reported a net loss of 125,000 jobs in the month. That was due primarily to the loss of 225,000 census jobs that had swelled payrolls by 433,000 net jobs in May. Economists surveyed by had forecast a loss of 100,000 jobs in June.


The unemployment rate fell to 9.5% from 9.7% in May. Economists had forecast it would climb to 9.8%. But the improvement was due mostly to many discouraged job seekers not bothering to look for work and no longer being counted as part of the labor force.
So, lots of job losses -- but the majority were temporary census jobs. At least the unemployment rate didn't climb, as had been predicted. Even if those numbers are due to discouraged job-seekers, the numbers will (hopefully) keep Wall Street feeling comfortable today.