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Weak Jobs = More Money Printing

Friday, August 6, 2010, 10:22 AM
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WASHINGTON (MarketWatch) -- U.S. employers continued to hire but at a sluggish pace that adds to pessimism about the economic outlook and may put pressure of the Federal Reserve to take more steps to support the economy.

Private-sector payrolls rose by an estimated 71,000 in July, the Labor Department said.

Total nonfarm payrolls fell by a seasonally adjusted 131,000 in July, but all the lost jobs were temporary jobs at the U.S. Census.

Left out of this rosy look at the numbers by MarketWatch ("Don't worry, they were all temp Census jobs!") was the fact that June's payroll data was revised down from a loss of -125k jobs to a much more substantial loss of -221k.  More than -50k of that adjustment was to private payrolls, which erodes the recovery story substantially.

 

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