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No Comfort In Jobs, Factory Data.(A)
Byline: Donald H. Gold
Two key reports released Friday showed the economy has weakened further and the biggest problems are still in manufacturing.
The headline job numbers looked OK. But a closer look showed some ugly trends.
The unemployment rate fell to 4.4% in May from April's 4.5%. The nation alsoshed 19,000 jobs vs. a revised loss of 182,000 jobs in April.
But the decline in the joblessness was due to a drop in the labor force. It fell a fat 485,000 in May.
Most troubling, manufacturers cut a stunning 124,000 jobs. The manufacturingworkweek fell 0.2 hour in May to 40.8 hours. So far this year, factories have cut 470,000 jobs.
In other words, outside of manufacturing, the economy added jobs.
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