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Hometown: Chicago
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Current location: Chicago
Member since: Fri May 4, 2007, 12:12 PM
Number of posts: 5,533

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American companies added the fewest jobs in 9 years in May, ADP says.


The private sector created the fewest jobs in nine years in May, a surprisingly soft pace of growth that could suggest the US labor market is cooling down.

The ADP National Employment Report out Wednesday showed the private sector added 27,000 jobs last month, well below economist forecasts for a 185,000 increase and the slowest pace since September 2010.

"Payroll growth was bound to slow in May, following April's unexpected strength, but this is a much bigger slowdown than we expected," said Ian Shepherdson, the chief economist at Pantheon Macroeconomics. "ADP's model is not always reliable, but this is such a big miss that we have to temper our forecast for Friday's official number."

In related news... This chart is from last month, but shows that Trump still lags behind Obama in job creation.
Here's the source of the chart- https://twitter.com/SteveRattner/status/1125363814466228225
Recent news of strong hiring– a strong factor in past elections -is a positive for Trump heading into the ‘20 elections. Will Americans recognize that the pace of job growth under his tenure (202k/month) is below that of Obama’s last 28 months (220k/month)?

Posted by Snarkoleptic | Wed Jun 5, 2019, 10:05 PM (0 replies)
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