U.S. Non-Farm Employment, Production Reports, Labor Cost Biggest Drop Since 1947

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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.

Production Report

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%.

Labor Costs

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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