The National Employment Report for May was released on Wednesday and the numbers don’t look good. In fact they are ugly.
Employment in the non-farm private business sector rose by a mere 38,000 from April to May, according to the latest ADP National Employment Report.
Economists had estimated that 177,000 jobs would have been created in May, slightly down from the previously reported increase of 179,000.
The May jobs Report suggests that employment growth slowed sharply in May, perhaps not surprisingly give the weak first quarter GDP growth of only 1.8 percent.
According to the Report, employment in the service-producing sector rose by 48,000, marking 17 consecutive months of employment gains, while 10,000 jobs were lost in the good-producing sector, following six months of increases. Manufacturing employment fell 9,000 in May following seven consecutive monthly gains.
Read the full May 2011 ADP National Employment Report HERE.
