Consumer confidence takes a hit from dismal jobs report

The report found that just 27 percent of adults believe the economy is improving, down from 34 percent before Friday’s jobs report was released. 

For investors, 32 percent now believe the economy is getting better while 44 percent say it’s getting worse. Before Friday’s report, investor opinions were more evenly divided, with 41 percent thinking the economy was improving and 39 percent saying it was declining. 

On Friday, the Labor Department announced that the economy added 431,000 jobs in May, but nearly all of them were temporary workers hired by the Census Bureau. The private sector added 41,000 workers, which are considered to be more permanent positions than those with the Census.

At the time the jobs data was released, the White House issued the statement, “It is important not to read too much into any one monthly report, positive or negative.” 

It went on to say jobs reports are usually subject to revision and the overall employment situation is trending upward. 

“Emphasis should be placed on persistent trends rather than month-to-month fluctuations.”