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U.S. job growth in May seen as lackluster
Economy likely added 170,000 jobs, forecasters estimate
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http://www.marketwatch.com/story/us-job-growth-in-may-seen-as-lackluster-2012-05-31
WASHINGTON (MarketWatch) â U.S. companies likely created more jobs in May than in April, but the pace of hiring is still disappointingly slow.
Economists surveyed by MarketWatch project that the U.S. added a net 170,000 jobs last month, which would be up from an initial reading of 115,000 in April.
The unemployment rate, now at 8.1%, is forecast to remain the same.
The expected level of hiring in May is sufficient to keep up with population growth and slowly reduce the unemployment rate over time. <b>Yet itâs far slower than the average of 252,000 jobs created during December to February and falls well short of the norm in a typical economic recovery.
âThe net picture is one of disappointing growth,â said Joshua Shapiro, chief economist of MFR Inc. in New York.</b>
Lackluster forecasts for May jobs
Economists say the U.S. economy probably created 170,000 new jobs last month, but that's way below the monthly average of 252,000 from December to February and well short of the norm seen in a typical economic recovery.
First-quarter growth revised lower
The U.S. economy ran into a deeper soft patch in the first quarter than originally thought; the government lowers its economic growth estimate for the January-March period to 1.9% from 2.2%.
<b>Payrolls firm Automatic Data Processing on Thursday said its data for May showed a lackluster 133,00 private jobs generated, while weekly applications for unemployment benefits jumped to the highest level in five weeks. Read more about May ADP report. and weekly jobless claims. </b>
