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Signs Point to Slower Hiring, as May Numbers Disappoint
Posted By John Zappe On May 31, 2012 @ 4:33 pm In News and Features | 3 Comments
This morning’s jobs report from ADP  is prompting worries that hiring may be slowing, damping hopes that the anemic recovery may be hitting a rough spot, if not stalling.
ADP, which processes payrolls for some 500,000 U.S. firms, said private employment grew by 133,000 jobs in May. The company, and its analytics partner, Macroeconomic Advisers, also adjusted down by 6,000 its initial 119,000 April job estimate.
Economists surveyed by Bloomberg News  were expecting the May ADP report to show about 150,000 new jobs. Bloomberg also said the expectation is for the official Labor Department report to show 160,000 new jobs during the month. That report is scheduled to be released tomorrow morning.
“While May’s increase was the 28th consecutive monthly advance, it nonetheless reflected a notable slowdown in the recent pace of hiring,” said Joel Prakken, chairman of Macroeconomic Advisers .
Nearly all the new jobs came from the service sector, with small and medium companies in the sector — those with fewer than 500 employees — creating all but 15,000. Manufacturing, which had been growing until April, when it lost 6,000 jobs, lost 2,000 more, according to the ADP report.
Other reports also point toward softening growth.
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URLs in this post:
 Image: http://www.ere.net/wp-content/uploads/2010/01/ADP-Employment-report.jpg
 This morning’s jobs report from ADP: http://www.adpemploymentreport.com/pdf/FINAL_Release_May_12.pdf
 Economists surveyed by Bloomberg News: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/05/31/bloomberg_articlesM4VZE21A1I4H01-M4W14.DTL
 Initial claims for unemployment benefits: http://www.dol.gov/opa/media/press/eta/ui/current.htm
 The Commerce Department adjusted down its estimate of 1st quarter growth.: http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm
 SHRM’s LINE (Leading Indicators of National Employment): http://www.shrm.org/Research/MonthlyEmploymentIndices/line/Pages/default.aspx
 Help Wanted On-Line data: http://www.conference-board.org/data/helpwantedonline.cfm
 The Conference Board’s index : http://www.conference-board.org/data/consumerconfidence.cfm
 The Associated Press says: http://www2.wsav.com/news/2012/may/31/us-economy-appears-weaker-ahead-of-jobs-report-ar-3891315/
 Business Insider: http://www.businessinsider.com/11-top-economists-forecast-tomorrows-nfp-number-2012-5?op=1
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