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Where are the Jobs?

May 31, 2012 – 5:07 pm

The private payroll Company ADP reported their monthly jobs numbers this morning, a day before the official numbers are released, showing an increase of 133,000 for May. April’s number was 113,000 so it was a modest increase. However, recent months have shown a clear slowdown of the pace of job creation. Also, out this morning was the weekly unemployment claims revealing an increase of 10,000 to 383,000.

The weakness is not a return to recessionary levels and in fact they are still showing an economy that is growing jobs but at a snail’s pace. GDP for the second quarter was revised downward to 1.9% from 2.2% as expected but it too provides a picture of a very slow recovery in our economy. The jobs produced in May does nothing to put back to work the 8,000,000 jobs lost in the recession.

Tomorrow a rash of data will be released including the official job data. Maybe we will see stronger numbers but I think that is wishful thinking. Still, our economy is growing and jobs are being created which is much better than what we see in many parts of Europe.

Good Trading
Steve Peasley

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