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Recovery slowing for US labour market Recovery slowing for US labour market
(4 months later)
The recovery in the US labour market is slowing, according to the compilers of a closely watched survey of private business hiring.The recovery in the US labour market is slowing, according to the compilers of a closely watched survey of private business hiring.
US businesses added 135,000 new jobs in May, payroll processor Automatic Data Processing (ADP) and forecasting firm Moody's Analytics reported Wednesday.US businesses added 135,000 new jobs in May, payroll processor Automatic Data Processing (ADP) and forecasting firm Moody's Analytics reported Wednesday.
Economists surveyed by Dow Jones Newswires had expected a gain of 170,000 private jobs. April's employment increase was revised down to 113,000 from 119,000 reported a month ago.Economists surveyed by Dow Jones Newswires had expected a gain of 170,000 private jobs. April's employment increase was revised down to 113,000 from 119,000 reported a month ago.
Mark Zandi, the chief economist of Moody's Analytics, said: "The job market continues to expand, but growth has slowed since the beginning of the year. The slowdown is evident across all industries and in all but the largest companies. Manufacturers are reducing payrolls. The softer job market this spring is largely due to significant fiscal drag from tax increases and government spending cuts."Mark Zandi, the chief economist of Moody's Analytics, said: "The job market continues to expand, but growth has slowed since the beginning of the year. The slowdown is evident across all industries and in all but the largest companies. Manufacturers are reducing payrolls. The softer job market this spring is largely due to significant fiscal drag from tax increases and government spending cuts."
ADP's report comes as the Bureau of Labor Statistics prepares to release its latest monthly jobs tally on Friday. The BLS report includes government as well as private sector hiring. Economists are expecting a gain of 169,000 for May.
Last month, the BLS reported 165,000 new jobs were created in April, more than expected, and the unemployment rate was cut to a four-year low of 7.5%.		ADP's report comes as the Bureau of Labor Statistics prepares to release its latest monthly jobs tally on Friday. The BLS report includes government as well as private sector hiring. Economists are expecting a gain of 169,000 for May.
Last month, the BLS reported 165,000 new jobs were created in April, more than expected, and the unemployment rate was cut to a four-year low of 7.5%.
Since that report, there have been some economic signals that the recovery remains fragile. The ADP report highlighted some troubling issues for the US economy. Almost all of the new jobs in May came from the service sector, which added a total of 138,000 positions. But that figure was below the average monthly gain of 156,000 during the first quarter.Since that report, there have been some economic signals that the recovery remains fragile. The ADP report highlighted some troubling issues for the US economy. Almost all of the new jobs in May came from the service sector, which added a total of 138,000 positions. But that figure was below the average monthly gain of 156,000 during the first quarter.
Construction added 5,000 new jobs in May, down from 8,000 in April. The goods-producing sector lost 3,000 jobs and a further 6,000 were lost in the manufacturing industry.Construction added 5,000 new jobs in May, down from 8,000 in April. The goods-producing sector lost 3,000 jobs and a further 6,000 were lost in the manufacturing industry.
Zandi also described retail hiring as weak, a sign that consumers could be spending less because of the increase in Social Security taxes at the start of the year.Zandi also described retail hiring as weak, a sign that consumers could be spending less because of the increase in Social Security taxes at the start of the year.
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