by Bill McBride on 6/03/2010 08:15:00 AM
Thursday, June 03, 2010
Nonfarm private employment increased 55,000 from April to May 2010 on a seasonally adjusted basis, according to the ADP National Employment Report. The estimated change in employment from March to April 2010 was revised, from an increase of 32,000 to an increase of 65,000.Note: ADP is private nonfarm employment only (no government jobs).
May’s rise in private employment was the fourth consecutive monthly gain. However, over these four months the increases have averaged a modest 39,000. The slow pace of improvement from February through May is consistent with the pause in the decline of initial unemployment claims that occurred during the winter months.
This is close to the consensus forecast of ADP showing an increase of 60,000 private sector jobs in May.
The BLS reports tomorrow, and the consensus is for an increase of 540,000 payroll jobs in May, on a seasonally adjusted (SA) basis, with over 400,000 temporary Census 2010 jobs.
Posted by Bill McBride on 6/03/2010 08:15:00 AM