Private sector added 135000 Jobs in May, ADP National Employment Report, June 5, 2013, April revised downward, Economists expected 170K, Job growth slowed
“With a 63.7% labor force participation, “conditions in the labor market are considerably worse than indicated” in July’s report”…economist Joshua Shapiro, WSJ August 3, 2012
“Private sector employment increased by 119,000 jobs from March to April, according to the April ADP National Employment Report….The March report, which reported job gains of 158,000, was revised downward to 131,000 jobs.”...ADP May 1, 2013
“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″
From ADP June 5, 2013.
“ADP National Employment Report: Private Sector Employment Increased by 135,000 Jobs in May”
“Private sector employment increased by 135,000 jobs from April to May, according to the May ADP National Employment Report®, which is produced by ADP®, a leading provider of human capital management solutions, in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. April’s job gains were revised downward to 113,000 from 119,000.”
“Service-providing industries added 138,000 jobs in May, an improvement over the April gain of 113,000. However, the gains in May are below the average monthly gain of 156,000 during the first quarter. Among the service industries reported by the ADP National Employment Report, professional/business services added 42,000 jobs added over the month, more than twice as many as in April. Trade/transportation/utilities recorded a gain of 31,000 jobs, while financial activities added 7,000 jobs.
“U.S. private sector employment increased by 135,000 jobs during the month of May 2013, a slight increase over the previous month of April,” said Carlos A. Rodriguez, president and chief executive officer of ADP. “The majority of new jobs in May came from the service-providing sector, which added a total of 138,000 jobs, while the goods-producing sector recorded a loss of 3,000 jobs. Notably, a gain of 5,000 jobs in the construction industry during May was offset by a decline of 6,000 lost jobs in the manufacturing industry.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market continues to expand, but growth has slowed since the beginning of the year. The slowdown is evident across all industries and all but the largest companies. Manufacturers are reducing payrolls. The softer job market this spring is largely due to significant fiscal drag from tax increases and government spending cuts.””