Wednesday, June 30, 2010

ADP: U.S. Companies Added 13K Workers

The 13,000 gain was the smallest since February and followed a revised 57,000 increase the prior month, figures from ADP Employer Services showed today.

ADP measures private sector work, so this doesn't include the census worker hire/fire monkey business. But the decline in employment gain is not a good sign.

As would be expected based on Austrian Business Cycle Theory, the report showed a decrease of 17,000 workers in goods-producing industries including manufacturers and construction companies. Employment in construction fell by 35,000, while factories added 16,000 jobs. Service providers added 30,000 workers.

No comments:

Post a Comment