Looks like we’re headed for another disappointing new jobs report on Friday. Remember, kiddies, we need to create 150,000 new jobs each month to keep up with growth in the workforce. The consensus forecast is that 145,000 were created in May and Automatic Data Processing Inc. is sayingthat only 97,000 non-governmental jobs were created.
An employment indicator published by payrolls giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers reported an increase of 97,000 in private jobs in May.
That compares with the expected 145,000 increase in total jobs that economists called for in a Dow Jones Newswires survey earlier this week. The Labor Department publishes the more definitive May nonfarm payrolls report on Friday morning.
The ADP-Macroeconomic Advisers estimate doesn’t include jobs growth in the government sector. In April, there was a 25,000 increase in the number of government jobs out of a total increase of 88,000.