Current Weather
The Spy FM

Job Growth Slow, Jobless Claims Up, GDP Revised Down

Filed by KOSU News in Business.
May 31, 2012

The number of jobs on private employers’ payrolls grew by a modest 133,000 positions from April to May, according to the latest ADP National Employment Report.

ADP’s monthly report is sometimes a decent barometer of what the Bureau of Labor Statistics will say when it issues its employment estimates. We’re due to hear from BLS about the May employment situation on Friday at 8:30 a.m. ET.

As The Associated Press notes, the ADP estimate is another sign “that the job market is recovering only slowly.” The Wall Street Journal says that 133,000 is “fewer than the 150,000 expected by economists.” Also of note: ADP revised down its estimate of job growth in April, to 113,000 from the initial estimate of 119,000.

Coming up in the next few minutes:

– The weekly report on claims for unemployment insurance, from the Employment and Training Administration.

– A second look at gross domestic product growth in the first quarter, from the Bureau of Economic Analysis.

We’ll update with the news from those releases.

Update at 8:35 a.m. ET. Jobless Claims Rise; GDP Revised Down.

Both of the fresh government reports on the negative side of the news:

– The number of first-time claims for jobless benefits grew by 10,000 last week from the week before, according to the Employment and Training Administration. There were 383,000 such claims.

– The economy grew at a slightly slower pace than previously thought in the first quarter. The Bureau of Economic Analysis says GDP expanded at a 1.9 percent annual rate, a little less than the initial estimate of 2.2 percent.

Also this morning, there’s this:

“In May, the nation’s employers announced plans to cut 61,887 workers from their payrolls, the most since last September when layoffs totaled 115,730, according to the latest job-cut report released Thursday by global outplacement firm Challenger, Gray & Christmas, Inc.”

[Copyright 2012 National Public Radio]

Leave a Reply

3PM to 6PM All Things Considered

All Things Considered

For two hours every weekday, All Things Considered hosts Robert Siegel, Michele Norris and Melissa Block present the program's trademark mix of news, interviews, commentaries, reviews, and offbeat features.

Listen Live Now!

6PM to 7PM Marketplace

Marketplace

Hosted by Kai Ryssdal, award-winning Marketplace is public radio's daily magazine of business and economics.

View the program guide!

7PM to 9PM Juke Joint Revival

Juke Joint Revival

Juke Joint Revival rivals any Rockabilly/Roots show on the air today, and the host of that program, Jenni Zee, lives and breathes the Rockabilly lifestyle. Her show has drawn the attention of Rockabilly fans the world over.

View the program guide!

Upcoming Events in your area (Submit your event today!)

Streaming audio and podcasts

Stream KOSU on your smartphone

Phone Streaming

SmartPhone listening options on this page are intended for many iPhones, Blackberries, etc. with low-cost software applications available to listen to our full-time web streams, both News on KOSU-1 and Classical on KOSU-2.

Learn more about our complete range of streaming services

We're perfecting the patient experience - Stillwater Medical Center