Treasury official: Economy on track with the administration's outlook

Alan Krueger, the Treasury's Chief Economist and Assistant Secretary for Economic Policy, on Friday told reporters recent indicators suggest the economy is moving as the Obama administration expected. 

"The improvement we have seen in the economy is on track with the administration's outlook for the year," he said. 

Krueger's comments came on the heels of news 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, according to the Labor Department.

Krueger admitted that the gain in permanent jobs was smaller than expected and said job growth would not be consistent given the severity of the recent recession. 

"We will not be able to reverse overnight two devastating years of recession, a decade of declining economic security for the middle class," he said.

The White House issued a statement on the jobs number, saying, "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."