Private businesses barely added jobs in May as large companies cut workers, according to a report released Wednesday. The news is sure to raise further fears about the second-quarter U.S. economy.Have these so-called economists ever been right? They "expected" 190,000 jobs and we only saw 38,000? How much longer can they even boast the slightest bit of credibility when their forecasts are so abysmally wrong time after time? The media keeps pretending Obama is a shoo-in for re-election.
Private-sector jobs in the U.S. rose by just 38,000 last month, according to a national employment report published by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers.
Economists surveyed by Dow Jones Newswires had expected ADP to report a much larger job gain of 190,000 last month.
Not with numbers like this every month.
H/T Lachlan Markey.
It's not as if it's some random forecaster who hasn't got a clue.
The median estimate in the Bloomberg News survey called for a 175,000 advance. Estimates for the ADP data ranged from increases of 125,000 to 200,000, according to the Bloomberg survey of 37 economists.You would think companies would be hiring graduates and other students in droves as colleges let out.
Companies created far fewer jobs than expected in May, adding to mounting evidence that the economy is decelerating.Nobody can possibly spin this as good news, but Obama's bootlicking media will sure give it their best.
According to ADP's May Employment Report, the private sector added 38,000 jobs in May on a seasonally adjusted basis. That was well below consensus estimates of 170,000.