Friday, January 08, 2010

The Census and Unemployment

Mike Shedlock linked to a story from Bloomberg that raises the specter of unemployment dropping in the next few months as "The stimulus bill President Barack Obama signed in February and additional funding by Congress provided enough money to hire 1.4 million Americans in total for the census, almost three times as many as in 2000. About 160,000 were already employed last year to do preliminary work."

Bloomberg also states:

The Census Bureau anticipates hiring about 181,000 workers from January through March and about 971,000 in the following three months.

The economy may add about 700,000 jobs in May alone, mostly because of the census, said Nigel Gault [chief U.S. economist at IHS Global Insight].

Beware, unemployment may drop back down below 10% again soon, don't forget that this too is governed by massive debt spending by the government to fund temporary employees.

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