[RickFLM4]

Job growth in higher paying jobs is best but job growth is better than more job losses. No one is claiming the job report fixes everything. Just that it is a positive relative to an expected negative.

By all accounts, lower paying jobs were disproportionately affected by losses. (See chart from NY Times.) I think most of the jobs in May were some of those people going back to work plus resuming construction project jobs. I don’t think there were a lot of highly paid consultants and lawyers taking jobs at McDonalds. Long way to go, but taking a small step in the right direction is much better than another big step into the hole.