Thursday, July 2, 2009
No Shock in Job Numbers
The payroll number was no real surprise. The job losses occurred because there was a slowdown in the seasonal hiring college and high school graduates for summer and full-time employment. As someone who is associated with three universities, it was patently obvious to me that the normal hiring of college graduates did not take place this year. Hence when the data went through the seasonal meat grinder of the BLS it showed up as job losses. See post below.