Reply #25: Crystal Ball Gazing on the NPF Report (It looks bad) [View All]

[UpInArms]

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7B6F88745D%2DEA61%2D4FC1%2DA918%2D1E341B894847%7D&symbol=

WASHINGTON (MarketWatch) -- U.S. private-sector nonfarm payrolls increased by about 122,000 in May, according to the ADP national employment survey released Wednesday.

"These findings suggest a deceleration of employment relative to growth experienced over the last 12 months," said Joel Prakken, chairman of Macroeconomic Advisers, the economic forecasting firm that computes the index from anonymous payroll data provided by Automatic Data Processing (ADP : 0.00, 0.00, 0.0% ) .

In April, the ADP survey showed 178,000 net new jobs, while the Labor Department's survey indicated 131,000 new jobs in the private sector.

The Labor Department will report on the May figures on Friday. Economists expect a gain of about 175,000 jobs, including government employment. See Economic Calendar.

Over the past five years, the ADP survey has a correlation with the Labor Department survey of about 0.90, making it the best predictor of the monthly jobs figure, Prakken said.

...more...

They are predicting 122,000 for May - and they were off by a negative 57,000 in April. :eyes: