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Jobs

Non-Farm Payrolls Trump Unemployment for Market Blast Off

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By Douglas A. McIntyre Updated Published
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We have gotten the unemployment and jobs data for the month of May from the Labor Department, and the data is very mixed on unofficial numbers.  The report came in at 9.4% unemployment and the change in non-Farm Payrolls came in at -345,000.

Expectations varied.  We had 9.2% as the expected unemployment rate from all sources, but the change in non-Farm Payrolls consensus estimate was listed as -525,000 from Dow Jones and -530,000 from Bloomberg.

The April reading was originally shown as being 8.9% unemployment and the change in non-Farm Payrolls was originally listed as -539,000 jobs.  That was unrevised on 8.9%, but the new number was listed as a revised -504,000.

We have seen whispers nearing as low as -500,000 on the non-Farm Payrolls and some loose calls for 9.1% on the unemployment front after yesterday’s weekly jobless claims showed the first actual decline in continuing jobless claims since the first week of January.

Good-producing jobs lost 225,00 and service jobs lost 120,000 jobs.  Education and healthcare added 44,000 jobs, while the government actually lost 7,000 jobs.

Jon C. Ogg
June 5, 2009

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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