Posted on 05/06/2015 8:57:50 AM PDT by SeekAndFind
Many economists expected a rebound after last month’s soft jobs numbers, but the ADP National Employment Report released Wednesday shows little sign of such a turnaround.
The domestic economy added only 169,000 jobs in April, according to the Wednesday report, and March additions were revised down from an original 189,000 to 175,000. This is the second consecutive month of sub-200,000 job additions, which previously hadn’t happened in a single month since January 2014.
Service-providing firms added 170,000 positions last month, with the most pronounced month-over-month gains seen in the professional/business services and trade/transportation/utilities sectors.
But goods-producing jobs shed 1,000 positions month over month, with the manufacturing sector dropping 10,000 jobs after losing 3,000 the month before.
“Despite weakness in manufacturing, the non-manufacturing sector appears to be maintaining strength, at least for now,” Lindsey Piegza, chief economist at Sterne Agee, wrote Tuesday in a research note. “Service activity, however, tends to lag behind the manufacturing sector. Meaning, if economic activity does not pickup in the near-term, look for service activity to begin to wane as well.”
Ahu Yildirmaz, vice president and head of ADP Research Institute, says the manufacturing sector’s weakness can largely be attributed to the lingering effects of a “harsh winter, low energy prices and the strong dollar.”
“All these three have impact on overall numbers, but in different ways,” Yildirmaz says. “The dollar is impacting, but energy-related manufacturing is also causing that [drop]. The energy-related sectors are all impacted by low energy prices.”
(Excerpt) Read more at usnews.com ...
Steve Wynn: Economic recovery ‘pure fiction’
http://www.wnd.com/2015/05/steve-wynn-economic-recovery-pure-fiction/
Golly. If only there was some way for all those illegals, hiding in the shadows, were given amnesty then things would really be booming. /s
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