Business Hiring Slipped to 7-Month Low in April
Source: Reuters
Companies hired the fewest employees in April in seven months while manufacturing growth slowed to a crawl, suggesting that the economy was weakening as tight fiscal policy in Washington started to hold back growth.
Businesses added 119,000 employees to payrolls last month, according to the ADP National Employment Report released on Wednesday, short of economists’ expectations for 150,000 jobs and the smallest gain since last September.
The slowdown in hiring was caused primarily by a combination of increased payroll taxes at the start of the year and the $85 billion in government spending cuts that took effect across the board in March, said Mark Zandi, chief economist at Moody’s Analytics, which jointly developed the hiring report with ADP, a payroll processor.
“They are starting to bite and starting to weaken growth,” Mr. Zandi said. “It’s affecting all industries and almost all company sizes.”
Read more: http://www.nytimes.com/2013/05/02/business/economy/business-hiring-slipped-to-7-month-low-in-april.html?_r=0
= new reply since forum marked as read
I've been saying that all along. The only reason the DOW is UP right now is for one reason. I believe it is because people like myself have had INSURED investments come due (like CDs) and they don't care to tie up such monies in CDs paying 1% or so. It makes little sense to many, hence alas, let's invest it in Wall Street!
Financial planners must be making lots of $$$ right now on the backs of people like myself, the aged, the disabled and others that usually would NEVER invest one cent in the Wall Street Casino.
Sad, but that is what you get when you keep rates pinned at less than 0-1% (at best these days).
Their only real concern is the 1% only as always. Sick batch of crooks IMO!
The tide will turn again as it always does.
Some never learn the lessons from the past, never.
