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The May jobs report came out this morning, and at first glance, it looks pretty good. According to the Labor Department, 272,000 jobs were added in May, higher than the expected 185,000 predicted new jobs. But a closer look at the report raises concerns.
Economist Vance Ginn spoke to Fox Business right after the release of the report. He said, "Government jobs, which have been growing too quickly, unproductive government jobs taking from the public sector, those are up 42,000. I mean, you're really only looking at about 230,000 private sector jobs."
Ginn also warns that the unemployment rate has ticked up to 4.0%. The labor participation rate also dropped to 62.5%. On top of that, the April jobs numbers were revised down by 10,000 to just 165,000. Ginn says we should expect this month's numbers to come down.