Employment Report May 2013
The ADP Non-Farm Employment Report for May shows 135,000 jobs added to the private sector. A break down of the figures is: 58,000 small business, 39,000 medium business, and 39,000 large business.
“U.S. private sector employment increased by 135,000 jobs during the month of May 2013, a slight increase over the previous month of April. The majority of new jobs in May came from the service-providing sector, which added a total of 138,000 jobs, while the goods-producing sector recorded a loss of 3,000 jobs. Notably, a gain of 5,000 jobs in the construction industry during May was offset by a decline of 6,000 lost jobs in the manufacturing industry.”
– Carlos A. Rodriguez, president and chief executive officer of ADP (ADP Report)
The 135K increase fell short of the forecast 171K.
The U.S. Burea of Labor Statistics said that non-farm labor productivity rose by a seasonally adjusted 0.5% in the first quarter, down from a first-said 0.7%.
While productivity was slightly lower-than-expected, hourly pay posted the largest decline since at least 1947! Labor costs fell at the highest pace in 4 years according to Reuters.
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