When there was a stretch of decent job numbers in the 200,000 range, the media was declaring an 80’s/90’s style boom was begining. Those of us in the real world, knew there was no economic boom and it was just springtime hiring. Well according to ADP, private employers only added 38,000 positions in May.
U.S. private-sector payroll growth slowed sharply in May coming in far below expectations and falling to the lowest level in eight months, a report by a payrolls processor showed Wednesday.
The ADP Employer Services report showed private employers added a scant 38,000 jobs last month, while April private payrolls were revised down to an increase of 177,000 from the previously reported 179,000. Economists surveyed by Reuters had forecast a gain of 175,000 jobs for May.
The report is jointly developed with Macroeconomic Advisers LLC.
“Obviously a much weaker-than-expected report, hinting that Friday’s nonfarm data will also be weaker than expected,” said Camilla Sutton, senior currency strategist at Scotia Capital in Toronto, referring to the U.S. Labor Department’s monthly non-farm payrolls report due for Friday.
Weaker than expected is the term. Once again
Tags: Obama Boom, Propaganda, Stagflation
