UNREAL, this is Unreal. This is a recovery?????? Private Sector Jobs nudge up ever so slightly in June to 13,000 hires. This has analysts wondering if the weak recovery is a recovery. The report by ADP also found that May’s private job numbers increase to 57,000 up from 55,000 which is good news. However, 13,000 job hires were well below what experts expecting a job numbers of 60,000 for June.
“There is really no way to characterize this number other than disappointing,” said Macroeconomic Advisers LLC chairman Joel Prakken, whose firm jointly developed the ADP report. “The overall number tells you that the recovery in the jobs market is very, very sluggish at this point.”
On Friday, US Department of Labor will release the non farm payroll numbers. It’s expected to fall by 110,000. Many of these jobs are to US Census.
“It is now generally expected that the peak level of census employment was in May and that in June there will be a decline in census hiring,” Prakken said. “And for that reason I think it’s very likely that the number reported Friday is going to be a negative number.”
There is a bright spot If you want to call it that it’s expected 112,000 jobs were created in the Private Sector. That sound like good news but Prakken warns if consumer confidence does not improve, European debt crisis worsens and housing construction starts weakens all bets are off.
“You have a case here I think that we need to trim our forecasts for second-half growth,” said Prakken. “Slower GDP (gross domestic product) growth means slower employment, that’s for sure.”