Quick take on the May employment numbers:
Employment growth was flat - increase of only 75,000 new jobs - while the unemployment rate actually dipped a 0.1% to 4.6%.
Financial services continued to gain (up 12,600), as did the professional and business services (up 27,000), mostly in the computer systems design area (up 11,200). However, the information service sector lost 13,000.
Health and education services also continued to gain (up 41,000).
Food services and drinking places continued to gain (up 9,000) while arts, entertainment and recreation lost slightly (down 2,800).
Manufacturing decreased by 14,000 with declines in both durable and non-durable goods (durable goods production workers were actually up while non-durable goods production workers dropped significantly). The auto sector continues to be the most volatile.
Once again, big loser was retail trade - down over 27,000 (after dropping by 36,000 last month).
Generally, bad news for the economy - but some sliver of good news in the high-end services jobs.
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