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Big ADP Miss: 179K Jobs Far Below Expectations, Lowest Print Since January
Zero Hedge ^ | 06/04/2014 | Tyler Durden

Posted on 06/04/2014 7:23:54 AM PDT by SeekAndFind

The post-weather bounce is over in exuberant employment trends appears to be over. After January's plunge, the last 3 months have seen beats but May's data - printing at 179k (against expectations of 210k) is a major disappointment for the extrapolators and presses job griwth back to its lowest since January. Rubbing salt in the wound of recovery, April's data was revised downward. It was so bad, even the permabullish Mark Zandi was unable to spin the data:  "Job growth moderated in May. The slowing in growth was concentrated in Professional/Business Services and companies with 50-999 employees. The job market has yet to break out from the pace of growth that has prevailed over the last three years.”

 

 

For the first time in a while, we actually saw a job decline in one subset of companies: those with 500-999 worker:

From the report:

Goods-producing employment rose by 29,000 jobs in May, up from 21,000 jobs gained in April. The construction industry added 14,000 jobs over the month, down slightly from 16,000 in April. Meanwhile, manufacturing added 10,000 jobs in May, up from April’s 2,000 and the largest number since December last year.

 

Service-providing employment rose by 150,000 jobs in May, down from 194,000 in April. The ADP National Employment Report indicates that professional/ business services contributed the most to the lower overall number in May - adding 46,000 jobs, down from 75,000 in April. Expansion in trade/transportation/utilities grew by 35,000, the same number of jobs added in April. The 6,000 new jobs added in financial activities was down slightly from 8,000 last month.

 

"After a strong post-winter rebound in April, job growth in May slowed somewhat,” said Carlos Rodriguez, president and chief executive officer of ADP. “The 179,000 jobs added figure is higher than May of last year and in line with the average over the past twelve months.”

 

Mark Zandi, chief economist of Moody’s Analytics, said, "Job growth moderated in May. The slowing in growth was concentrated in Professional/Business Services and companies with 50-999 employees. The job market has yet to break out from the pace of growth that has prevailed over the last three years.”

The full chart breakdown:

Change in Nonfarm Private Employment

 

Historical Trend - Change in Total Nonfarm Private Employment

 

Total Nonfarm Private Employment by Company Size

 

Change in Total Nonfarm Private Employment by Selected Industry



TOPICS: Business/Economy; Culture/Society; Front Page News
KEYWORDS: adp; jobs; unemployment

1 posted on 06/04/2014 7:23:54 AM PDT by SeekAndFind
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To: SeekAndFind
Unexpected

2 posted on 06/04/2014 7:26:17 AM PDT by BenLurkin (This is not a statement of fact. It is either opinion or satire; or both.)
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To: SeekAndFind

Bring back American jobs.

Just saying.


3 posted on 06/04/2014 7:30:23 AM PDT by Cringing Negativism Network (http://www.census.gov/foreign-trade/balance/c5700.html#2013)
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To: SeekAndFind
It was that bitterly cold winter no wait, it's never been warmer according to Kerry.

My brain is going to lock up in an infinite fault loop trying to compute this.

4 posted on 06/04/2014 7:32:18 AM PDT by AU72
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To: Cringing Negativism Network

This thread:

http://freerepublic.com/focus/f-news/3163540/posts

Will show us whether having a trade war with China will bring back American jobs.

Let’s see how many solar energy jobs are created in the USA.


5 posted on 06/04/2014 7:32:36 AM PDT by SeekAndFind
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To: Cringing Negativism Network
Bring back American jobs.

With the new EPA regulations being slapped upon American industry? Fat chance of that.

6 posted on 06/04/2014 7:34:37 AM PDT by ScottinVA (Obama is so far in over his head, even his ears are beneath the water level.)
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To: SeekAndFind

Relax everybody! Tomorrow is Thursday and these numbers will most certainly be revised up to satisfy the clueless and give the media some cheering points...then quietly revised back down over the weekend.

It’s all good. The economy is doing fine. No, really, really!


7 posted on 06/04/2014 7:35:02 AM PDT by apoxonu
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To: ScottinVA

It is time for the GOP to run for American jobs.

I know the GOP (and democrats too, as well) have invested a great deal sending factories by the thousands, to China.

Millions upon millions of Chinese now work, to build stuff which is then shipped right back here.

The problem is, all of the jobs which used to be done by Americans, are now being done in China. At factories owned (majority owned) all by Chinese communists.

All of the Americans who used to make all of that stuff, are out of work now, costing our government ever-more money.

We are currently 17.5 trillion in debt. Increasing rapidly.

America needs to manufacture things. Right here.

Right now.

Stop buying everything from China.


8 posted on 06/04/2014 7:40:17 AM PDT by Cringing Negativism Network (http://www.census.gov/foreign-trade/balance/c5700.html#2013)
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To: SeekAndFind

Only an OBVIOUSLY racist person, that hates the idea of a black President, would note this inconvenient truth.

Signed,
ABC/NBC/CBS/MSNBC/CNN/NPR/E!/TheDailyShow/Pacifica/WashPost/The View/NYTimes


9 posted on 06/04/2014 7:41:02 AM PDT by tcrlaf (Q)
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To: SeekAndFind

Anybody who has been looking for a job compared to what the nation used to be like knows what the truth is.


10 posted on 06/04/2014 7:49:20 AM PDT by F15Eagle (1Jn4:15;5:4-5,11-13;Mt27:50-54;Mk15:33-34;Jn3:17-18,6:69,11:25,14:6,20:31;Ro10:8-11;1Tm2:5-6;Ti3:4-7)
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To: Cringing Negativism Network
It's time for the GOP to run for American jobs

The corporate globalist paymasters of the RINO ptb don't want US jobs for US workers. For the jobs they can't send overseas, they're still supporting the invasion of the US for the cheap labor it provides.

RINOs are not our friends.

11 posted on 06/04/2014 7:56:19 AM PDT by grania
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To: Cringing Negativism Network
America needs to manufacture things. Right here.

Right. And I've seen these lines multiple times, and I don't disagree. But you and I both know the regulatory hell being heaped onto American industry is literally killing it.

12 posted on 06/04/2014 8:03:47 AM PDT by ScottinVA (Obama is so far in over his head, even his ears are beneath the water level.)
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To: All

Wait, it’s not my fault...

https://www.youtube.com/watch?v=JFvujknrBuE


13 posted on 06/04/2014 8:17:55 AM PDT by newnhdad (Our new motto: USA, it was fun while it lasted.)
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To: SeekAndFind
The post-weather bounce is over in exuberant employment trends appears to be over. After January's plunge, the last 3 months have seen beats but May's data - printing at 179k (against expectations of 210k) is a major disappointment for the extrapolators and presses job griwth back to its lowest since January.

Tyler, you need to stop drinking when posting to your blog. That's embarrassing.

14 posted on 06/04/2014 8:28:10 AM PDT by upchuck (Support ABLE, the Anybody But Lindsey Effort. Yes, we are the ABLE!!)
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To: Cringing Negativism Network

Just more BS. More jobs are going and existing jobs are stagnant if you don’t mind making the money you did in 1990.


15 posted on 06/04/2014 8:46:15 AM PDT by glyptol
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To: Cringing Negativism Network
What do you think about what Wall Mart is doing, or attempting to do with their ‘buy American’ efforts? I see they currently have supplier and other logistical problems, but that is to be expected after years and years of deindustrialization of America.

I assume this is a good faith effort to do as you have been suggesting. Comments or thoughts?

16 posted on 06/04/2014 8:52:17 AM PDT by Paulie (Buy local, bank local, exert your influence locally; the left will fold like a cheap suit.)
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To: SeekAndFind
Blame it on the weather, Obama buttlickers in the media!
17 posted on 06/04/2014 9:06:42 AM PDT by SoFloFreeper
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To: ScottinVA
With the new EPA regulations being slapped upon American industry? Fat chance of that.

Not to mention the highest corporate tax rate in the WORLD.

18 posted on 06/04/2014 11:49:50 AM PDT by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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To: BenLurkin

ADP generates these numbers to sell their payroll services. That’s all.


19 posted on 06/04/2014 1:07:06 PM PDT by steve8714 (Islam is militant. Atheism is militant. Where is my Catholic Church?)
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To: glyptol

...if you don’t mind making the money you did in 1990.
**********************
I’d love to make the money I made in 1990 ...


20 posted on 06/04/2014 2:42:29 PM PDT by Neidermeyer
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To: Paulie

Thanks for your note.

I’m waiting to see them do something.

We are buying way too much, imported. Way too much.


21 posted on 06/04/2014 7:33:02 PM PDT by Cringing Negativism Network (http://www.census.gov/foreign-trade/balance/c5700.html#2013)
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To: glyptol

I made a lot more in 1990 than I do now. And my healthcare costs were maybe an eighth of what I am paying now with the skyrocketing premiums under Obamacare.


22 posted on 06/05/2014 12:17:23 AM PDT by kaehurowing (FIGHT BULLYING, UNINSTALL FIREFOX)
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