Was May's Job Report Good or Bad News?

On paper, the job increase of 431,000 announced for the month of May, and the dip in unemployment from 9.9 to 9.7% should be good news.

The reality?  Most of those jobs were only temporary census positions that will disappear by the end of summer.  

Only 41,000 private sector jobs were created in the month of May, which is the lowest amount of jobs created in a month so far in 2010.

According to Yahoo, "The nation has produced jobs for five straight months. That's a sharp improvement from last year, when employers were slashing work forces to survive the recession. Yet at the current pace of job creation, it could take at least until the middle of the decade to recoup the 7.4 million jobs lost since December 2007 and reduce unemployment to a more normal 6 percent or below."

Even if you have a good paying job, it is still smart to begin building another source of income.  And real estate investing is one of the best businesses to build upon, especially while you are currently employed.   In this tough economy, it may not be the wisest decision to rely on others for your employment!