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Private sector employment increased by 173,000 jobs

Thursday, Jun 02 2016
Private sector employment increased by 173,000 jobs from April to May according to the May ADP National Employment Report. "Job creation appears to have slowed as we move further into 2016,” said Ahu Yildirmaz, VP and head of the ADP Research Institute. “Challenging global conditions affecting hiring at large companies and a tightening labor market for skilled workers are among the factors that may be contributing to the slowdown.” 
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth has moderated this spring as energy companies and manufacturers shed jobs.  Retailers are also more circumspect in their hiring.  Despite the recent slowdown, job growth remains strong enough to reduce underemployment.” 
 
Separate report showed that in the week ending May 28, the advance figure for seasonally adjusted initial claims was 267,000, a decrease of 1,000 from the previous week's unrevised level of 268,000. The 4-week moving average was 276,750, a decrease of 1,750 from the previous week's unrevised average of 278,500. There were no special factors impacting this week's initial claims. This marks 65 consecutive weeks of initial claims below 300,000, the longest streak since 1973. 
 
Euro is currently being traded few points above 1.1140 level, Sterling is around 1.4440 handle, while Aussie is at 0.7220 area.
More in this category: « UK Construction PMI fell to 51.2 ECB left interest rates unchanged »

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