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Only 13K New Private Sector Jobs In May

From the the payroll people at ADP (via a pdf file):

June 2010 National Employment Report

Published on Wednesday, June 30, 2010

Nonfarm private employment increased 13,000 from May to June 2010 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change in employment from April to May 2010 was revised up slightly, from the previously reported increase of 55,000 to an increase of 57,000.

June’s rise in private employment was the fifth consecutive monthly gain. However, over these five months the increases have averaged a modest 34,000. Recent ADP Report data suggest that, following steady improvement through April, private employment may have decelerated heading into the summer. The slow pace of improvement from February through June is consistent with other publicly available data, including a pause in the decline of initial unemployment claims that occurred during the winter months.

Unlike the estimate of total establishment employment to be released on Friday by the Bureau of Labor Statistics (BLS), today’s ADP Report does not include the effects of federal hiring for the 2010 Census. Hiring for the census may have peaked in May. For this reason, Friday’s figure for the change in nonfarm total employment reported by the BLS might be weaker than today’s estimate for nonfarm private employment in the ADP Report.

June’s ADP Report estimates nonfarm private employment in the service-providing sector rose by 30,000. Employment in the goods-producing sector declined 17,000 during June while employment in the manufacturing sector increased 16,000, the fifth consecutive monthly increase.

Large businesses, defined as those with 500 or more workers, saw employment increase by 3,000 and employment among medium-size businesses, defined as those with between 50 and 499 workers increased by 11,000. Employment among small-size businesses, defined as those with fewer than 50 workers, decreased by 1,000 in June.

In June, construction employment dropped 35,000. This was the smallest decline since July, 2008. This drop marks 3 years of monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 2,226,000. Employment in the financial services sector dropped 10,000, resulting in over three years of consecutive monthly decline.

Remember, the economic experts tell us that the economy has to create somewhere between 200,000 and 250,000 jobs a month to reduce unemployment at all.

Of course, as the article notes, the ADP Report is only concerned with private sector jobs.

Still, according to the ADP, whatever meager growth there has been in the private sector in the last few months is actually slowing.

This article was posted by Steve on Wednesday, June 30th, 2010. Comments are currently closed.

4 Responses to “Only 13K New Private Sector Jobs In May”

  1. proreason says:

    If you have 23,000 friends, one of them found work last month.

  2. Papa Louie says:

    When president elect Obama was pushing his stimulus plan back in January 2009, he made the following promise:

    “Our plan will likely save or create three to four million jobs. 90 percent of these jobs will be created in the private sector”

    He was wrong on all counts. Only about 10% of the few jobs that have materialized have been in the private sector. Yet Obama is pushing for more stimulus money to save teacher and other public sector jobs. It’s obvious that he doesn’t care about private sector jobs, or about keeping his promises. Astoundingly, the media cares even less about Obama’s broken promises. When do they ever remind us about them, let alone ask Obama to account for them?

  3. Petronius says:

    SG : “whatever meager growth there has been in the private sector in the last few months is actually slowing.”

    The stock market fell again today as the DJIA dropped 96 points to 9774.

    Today’s stock market close marks the worst quarter since Dec 2008, which followed on the heels of the subprime meltdown.

    The DJIA now stands only a few points higher than it did on election day 4 Nov 2008, when the market closed at 9625.

    Over the same period, the price of gold has increased from $761 to $1,243.

    The regime is dragging the country down at an alarming pace.

  4. Liberals Demise says:

    I hope we survive this obamanation until 2012.
    With this kinda news I’m doubtful.

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