1Q 2012 US GDP revised down to 1.9, ADP payroll number for May 2012 misses, 2011 wages revised down

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5/31/12, "Economy in U.S. Expanded Less Than Previously Estimated," Bloomberg

"The U.S. economy grew more slowly in the first quarter than previously estimated, reflecting smaller gains in inventories and bigger government cutbacks.

Gross domestic product climbed at a 1.9 percent annual rate from January through March, down from a 2.2 percent prior estimate, revised Commerce Department figures showed today in Washington. The report also showed corporate profits rose at the slowest pace in more than three years and smaller wage gains at the end of 2011....

Other reports today showed more Americans than projected filed claims for jobless benefits last week and companies added fewer workers than forecast in May....

Figures from Roseland, New Jersey-based ADP Employer Services showed payrolls increased by 133,000 this month following a revised 113,000 gain in April. The median estimate of 39 economists surveyed by Bloomberg called for a May advance of 150,000.

Stock-index future trimmed earlier gains after the reports."...via Rush Limbaugh

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