With the May jobs report due out tomorrow from BLS this doesn't look promising.
The private sector only added 128,000 jobs in May, ADP estimates, and small businesses actually lost 91,000 workers.
What did economists expect ADP to report? Job additions nearly three times as high, Reuters notes, and points out that ADP also lopped off another 45K from its April report.
April's BLS jobs report came in at 115,000 jobs added but the US economy added 428,000 in March and 714,000 in February.
Payroll processor ADP said Thursday that businesses added just 128,000 jobs in May - its lowest count since February 2020 - though its report often varies significantly from the Labor Department's tally of public and private-sector gains.
Isn't it? Davidson notes that the 400K/month average for jobs growth over the past year is the hottest on record, but it follows the greatest short-term destruction of jobs in US history.
In a real sense, those aren't jobs added as much as they are jobs recovered.
It's becoming increasingly difficult to discern fact from fiction, and unfortunately the media has a strong bias. They spin stories to make conservatives look bad and will go to great lengths to avoid reporting on the good that comes from conservative policies. There are a few shining lights in the media landscape-brave conservative outlets that report the truth and offer a different perspective. We must support conservative outlets like this one and ensure that our voices are heard.
Thursday, June 2, 2022
ADP jobs report misses expectations
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