U.S. private-sector employers added 40,000 jobs in May, according to a private report on Wednesday by ADP Employer Services that defied Wall Street's expectations of a fall.
The ADP data release comes ahead of the government's monthly jobs report due on Friday, one of the biggest events on the monthly economic calendar. A Reuters poll shows analysts expect that to show non-farm payrolls fell by 58,000 in May.What this report does not tell us is if these 40,000 jobs are more service sector jobs which pay less and offer less benefits or are these decent middle class jobs? My guess is that they are not since those jobs seem to be a thing of the past.
Economists' median expectation for the May ADP jobs figure was for a drop of 30,000 jobs, according to a Reuters poll.
However, a separate survey showed U.S. companies' planned layoffs rose 15 percent in May from April to the highest monthly total since December 2005.
I know many people who are suffering financially. They work long hours with awful commutes and can still not make ends meet. Where are the family values people, who like to tell us all how to live, on this issue? They are too worried about gay marriage and abortion to do anything remotely resembling advocacy work for the middle class. The middle class is fast disappearing and no one seems to be doing anything about that. How many parents do you know that hardly see their children? Its kind of hard to see them when you are working two jobs and still struggling to get by.