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ADP Reports Non-Farm Payrolls Increased By Just 38,000 in Ma
American non-farm private companies added just 38,000 jobs in May according to Automatic Data Processing Inc’s (NASDAQ:ADP) May 2011 National Employment Report released today.That number is well below the consensus analyst expectation for a gain of 175,000 jobs in the month.The estimated change in employment for April was revised down slightly to 177,000 from the initially reported 179,000.Employment in the service sector increased by 48,000, the seventeenth straight monthly increase, with employment in the goods producing sector falling 10,000, ending a string of six monthly increases.Large business, those with 500 or more workers, shed 19,000 jobs, medium sized businesses, defined as those with between 50 and 499 workers, added 30,000, and small businesses, or those with less than 50 workers, made 27,000 net hires in May.Employment fell by 8,000 in the construction industry, and by 6,000 in the financial services sector, with the manufacturing sector (a large subset of the "goods producing sector") cutting 9,000 jobs.
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Date Found: June 01, 2011
Date Produced: June 01, 2011
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