Nonfarm private employment increased 32,000 from March to April 2010 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change in employment from February to March 2010 was revised up, from a decline of 23,000 to an increase of 19,000.
In addition, the revised estimate of the monthly change in employment from January to February 2010 shows a modest increase of 3,000. Thus, employment has increased for three straight months, albeit only modestly. The slow pace of improvement from February through April is consistent with the pause in the decline of initial unemployment claims that occurred during the winter months.
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A few points.
1.) All the recent revisions have been upward. That implies that the estimating model used is still too bearish for the underlying economy.
2.) There has been modest growth in manufacturing jobs. The strong manufacturing numbers we've been seeing for some time are starting to translate into job growth.
3.) The primary drag has been in construction jobs. Don't expect this trend to change anytime soon. In addition, consider the post on unemployment and educational achievement for more insight into the issue.
2 comments:
I wouldn't be surprised if we see more revisions depending on what the BLS says Friday.
This recession and recovery is a textbook case in why volatility is bad for manufacturing. The cocky, spoon-fed brats on Wall Street just. don't. get. it. It's also infuriating that there has been exactly zero media coverage on this "silent emergency".
Manufacturing is easy to destroy -- bankrupt a company or, heck, drop a bomb on it. But it changes direction like a cruise ship and grows like a redwood. Sure, you can sell stock in a day or make a high-tech start-up in a year. But when semiconductor lead times are at six months and getting worse, whether you're General Electric or Joe's Barn Gadgets, your production line's down. When you invest in heavy equipment, you're often looking long-term amortization so trader-induced volatility makes buyers very reluctant to increase capacity.
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