Despite the fact that jobs were added at their fastest pace in a decade, stocks were driven lower this morning and optimism of a firm and continued recovery faded due to the fact that the number of new jobs in May were overwhelmingly exaggerated by the hiring of temporary census workers.

Payrolls increased by 431,000 in May, yet according to the U.S. Labor Department, private-sector payrolls increased by only 41,000 (290,000 jobs were added in April). The unemployment rate did drop from 9.9% in April to 9.7% in May, a result of fewer job seekers in the market, according to Economy.com.

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The economy added 290,000 jobs in April, marking the fourth-straight monthly increase in employment. While the job market has experienced nearly 8.5 million layoffs in the last two years, according to the Wall Street Journal, this month’s jobs report points to several signs of a firming market — including the fact that the unemployment rate increased from 9.7% to 9.9%.

How is that possible? “Based on how the two figures are calculated, the increase in the unemployment rate means that more people expressed an interest in finding work,” said HSH VP Keith Gumbinger.

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Nonfarm payrolls added 162,000 jobs in March, the largest “seasonally-adjusted” monthly increase in about three years. While the unemployment rate held steady at 9.7%, both the January and February numbers were revised upward.

From Moody’s.com: Read the rest of this entry »

We published some very informative and speculative posts this week.

What’s behind Fannie and Freddie’s unlimited funding?  

Can I get a tax break on my “green” home improvements?

Whether you’re interested in energy-efficient mortgages or where mortgage rates will end up in 2010, this week’s posts have something for you.

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Declines in nonfarm private employment exceeded economists’ expectations, dropping 693,000 from November to December, according to the ADP.

The ADP’s report is released prior the Bureau of Labor Statistic’s (BLS) report due on Friday. The BLS report is regarded as the most accurate gauge of the nation’s unemployment situation.

According to the ADP, “December’s ADP Report estimates nonfarm private employment in the service-providing sector fell by 473,000. Employment in the goods-producing sector declined 220,000, the twenty-third consecutive monthly decline. Employment in the manufacturing sector declined 120,000, marking its twenty seventh decline over the last twenty eight months.”

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