ADP reports US lost 10,000 goods-producing jobs in May 2011

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6/1/11, "ADP: U.S. Added Fewer Workers in May," Bloomberg News, T. Homan

"Companies in the U.S. added fewer workers than forecast in May, a sign that job growth is struggling to gain momentum, data from a private report based on payrolls showed today.

Employment increased by 38,000 last month, the smallest increase since September, from a revised 177,000 in April, according to figures from ADP Employer Services. The median estimate in the Bloomberg News survey

• called for a 175,000 advance for May.

Such gains in employment are insufficient to help the world’s largest economy accelerate after a surge in food and fuel costs earlier this year....

"Today’s ADP report showed a decrease of 10,000 workers in goods-producing industries, which includes manufacturers and construction companies.

• Employment at factories fell by 9,000....

Service providers added 48,000 workers, ADP said. ...

Stock-index futures dropped after the report."...



via Drudge Report