Here is Austan Goolsbee's summary of the data:
Overall payroll employment rose by 54,000 in May. Solid employment increases occurred in professional and business services (+44,000) and education and health services (+34,000). Sectors with employment declines included local government (-28,000), retail trade (-8,500), and manufacturing (-5,000). Despite the decline this month, manufacturing has added 238,000 jobs since the beginning of 2010, the best period of manufacturing job growth in over a decade.Private sector employment increased by 83,000 last month. Still not as good as anybody would like, but quite a bit better than the overall number of 54,000 added jobs. And what is the reason for the difference? Primarily cuts in local government spending (which caused a loss of 28,000 jobs). In other words, those who are calling for government austerity (translation: firing more government workers) would actually be contributing to declining jobs growth. And those who are blaming Obama's policies for the lack of better jobs growth should actually be blaming themselves for calling for more cuts in government spending. Advocates of more austerity should not be citing the 54,000 number. They should be citing the 83,000 private sector number, because the 54,000 number factors in the effects of government austerity at the state level.
And to put things in even more perspective, look at the overall record of the last several years (also from Goolsbee's post):
Why on earth would anyone be calling for a return to the policies that gave us job losses in the hundreds of thousands, just because we are disappointed in the rate at which we are re-gaining those lost jobs? Instead they should be calling for an expansion of the policies that are gradually pulling the economy out of its slump, so we can get the numbers back up faster.