Overview: The economy added 431,000 jobs in May as the unemployment rate edged down to 9.7%.  Productivity growth for Q1 was revised to 2.8%.  The ISM index fell 0.7 point to 59.7 in May.  The ISM services index was unchanged at 55.4 in May.  Auto sales rose 3.8% to an annual pace of 11.64 million units in May.  Construction spending increased 2.7% in April while pending home sales rose 6.0%.  Initial jobless claims fell by 10,000 to a level of 453,000 for the week ended 5/29.

The economy added 431,000 jobs in May as the unemployment rate edged down to 9.7%. The temporary hiring of 411,000 Census workers accounted for almost all of the job gain.Contributing to the lower unemployment rate was a decline (-286,000) in the number of unemployed reentrants to the labor force.  . The average workweek inched up to 34.2 hours in June, from 34.1 in April.

Productivity growth for the 1st quarter of 2010 was revised downwards to an annual rate of 2.8%, from a previous estimate of 3.6%.

The ISM index fell 0.7 point to 59.7 in May.   

The ISM services index was unchanged at a level of 55.4 in May.

Auto sales increased 3.8% in May (19% on a year-over-year basis) to an annual pace of 11.64 million units. May marked the seventh-straight month of year-over-year auto sales increases.The big three U.S. automakers reported double digit year-over-year gains: GM was up 17%, Ford up 22%, and Chrysler up 33%. 

Construction spending surprised on the upside in April with a 2.7% increase.

Pending home sales rose 6.0% in April.

Initial jobless claims fell 10,000 to 453,000 for the week ended May 29th.