38,000!?!?

The ADP report, which follows private sector employment, reported this morning that only 38,000 private jobs were created in May. This is a terribly low number and expectations were for 175,000. The ADP report is considered a sneak peek at Friday’s unemployment report.
It suggests that employment growth slowed sharply in May. It’s hardly surprising considering we have an anemic 1.8% GDP for the first quarter. Many economists put it at lower than that.

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