NFP

by Larry Levin

So much for the rumors of a massive Non-Farm Payroll (NFP) number of 700,000 to 1-million job creation. The headline number looked good, but the details of the NFP were gruesome.

From the report:

Nonfarm payroll employment increased by 431,000 in May, reflecting the addition of 411,000 temporary workers for Census 2010. Total private employment showed little change over the month (+41,000), following increases in March and April. In May, manufacturing, temporary help services, and mining added jobs, while employment in construction declined. (See table B-1.)

Manufacturing employment increased by 29,000 over the month. Factory employment has risen by 126,000 over the past 5 months. Within manufacturing, both fabricated metals and machinery added jobs in May.

Temporary help services added 31,000 jobs over the month; employment in the industry has risen by 362,000 since September 2009.

Employment in mining continued to increase in May, with a gain of 10,000. Support activities for mining accounted for 8,000 of the over-the-month increase. Since October 2009, mining employment has expanded by 50,000.

In May, the average workweek for all employees on private nonfarm payrolls increased by 0.1 hour to 34.2 hours. The manufacturing workweek for all employees increased by 0.3 hour to 40.5 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls increased by 0.1 hour to 33.5 hours over the month. (See tables B-2 and B-7.)

Although total employment grew by 431,000, 95% of the gain came from temporary Census workers. Real job growth rose just 41,000, and aside from the Census workers, government employment down by 21,000 (down 15,000 state and 7,000 local - federal employment). I guess the Porkulus (stimulus) bill hasn't done a thing to increase employment. I wonder why?



Previous Day's Trading Room Results:

Trade Date: 6/4/10

E-Mini S&P Trades*
(before fees and commissions):


1) OTF buy @ 10:04am at 1083.00 = +1.25 (1 lot)

2) Algorithm positions (30)

3) “Reading the Tape” positions (17) combined Secret’s, Algo, & “Reading the Tape” total +34.25



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