They will be, but you also had a lot of devastation in Japan and the US with flooding, tornados, gas prices that got to 4.25 in my area etc that certainly hampered things...IF you're business is 8 feet under water or leveled from a Tornado, people will be hitting the unemployment line, not being hired. Gas has fallen from 4.25 to 3.65 in my area...much more money back in people's pockets making them feel good to spend money again. What happens to construction jobs in all above scenarios when the clean up process and rebuild process really gets going...construction jobs increase, retailers have to hire like Home Depot, Lowes, Concrete places, wood places to meet demand, then the product makers have to hire etc. One blip does not make a new trend. Now if we go backwards June and July as well that's a different story altogether.
I guess I fully expected a pretty bad number so it doesn't surprise me too much...now for some stimulus money into AE. A lot of things are on the mend from the blip in May imo.
That welcome downtrend in gas prices got pretty sharply reversed in my area (near Chicago)
Due to drought affecting hyrdo-electric generation and low coal supplies, China is facing significant electricity shortages this summer. Companies are responding by using diesel generators and increasing oil imports to China. I'm guessing to Japan is as well given their electricity issues.
Even though US production from shale looks very positive, and Cushing, OK supplies have been called a glut, the worldwide market is mitigating these seemingly good circumstances.