Jobs report is disappointing

While today’s jobs report shows gains, it’s a significant setback following four consecutive months of accelerating growth. The private sector added only 41,000 jobs, as May’s employment increase was driven by temporary Census hiring. Continued slower growth would mean we’ve passed an unprecedentedly early peak in the rate of employment growth following a recession, which wouldn’t be good news for the recovery’s strength. Manufacturing jobs gains are at best tepid, and a lack of significant growth in construction, financial services, and information show several sectors aren’t yet on the recovery path.

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