Writes Morgan Reynolds:

Wall Street parties on today as a Bloomberg headline proclaims, “U.S. Economy: Job Losses Slow as Economy Starts to Stabilize,” yet the BLS report released this morning makes it plain that in April an estimated 611,000 jobs were lost in the so-called private sector, offset by 71,000 gained in the government sector, primarily hiring 66,000 new Census employees. Also, the employment losses in the establishment data were revised upward by 69,000 for the previous two months. These data do not signify stability but a continuation of job losses of 600,000+ per month.

The Best of Llewellyn H. Rockwell, Jr.