Few Private Sector Jobs Created in May
Posted on June 4, 2010
The numbers look good in the May jobs report, but looks can be deceiving. 431,000 new jobs were created but the vast majority of them were created by the government hiring temporary census workers. The unemployment rate dipped to 9.7 percent.
President Obama said, "We're moving in the right direction. The economic policies that we put in place are working."
Economists disagree. It was the fifth straight month of jobs gains, but the private sector is still struggling. The weak jobs report raises the possibility of a double dip recession. Take a look: