cloudy.png
Sunday March 29th, 2020 8:06AM

Survey: Companies add fewest jobs in 9 years in May

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — U.S. companies added the fewest jobs in nine years, a private survey found, as manufacturers, construction firms and mining companies cut workers.

Payroll processor ADP said Wednesday that businesses added just 27,000 jobs in May, the fewest since March 2010. Jobs in construction fell 36,000 and in manufacturing by 3,000.

The figures come just after ADP reported strong hiring in April, when companies added 271,000 jobs, the most in nine months. Mark Zandi, chief economist at Moody's Analytics, which helps compile the data, said the broader hiring trend is probably closer to the average of the two month's gains, at around 150,000.

That is down from last year's average monthly gains of about 225,000.

"The economy's growth rate has slowed sharply from last year," Zandi said. "That is now starting to show up in the job market."

Growth could slow to as low as 1.5% at an annual rate in the April-June quarter, down from a nearly 3% pace last year. A weaker global economy and fading stimulus from the Trump administration's tax cuts is dragging on the U.S. economy. The tariffs on Chinese imports may also be causing companies to delay their spending on large equipment and machinery.

Small businesses, those companies with fewer than 50 employees, lost 52,000 jobs last month, while mid-sized firms added 11,000 and large companies — those with 500 or more — gained 68,000.

Small companies have struggled to add workers as the number of unemployed has dwindled. Larger companies typically are able to offer higher pay and more benefits and are better able to hire in a tight job market.

The ADP's figures don't include government hiring and frequently diverge from the government's official report, which is scheduled to be released Friday. Economists expect that report will show job gains of 185,000, while the unemployment rate remains at a nearly 50-year low of 3.6%.

  • Associated Categories: Associated Press (AP), AP National News, Top General short headlines, AP Business, AP Business - Economy
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
The Latest: Veteran, 97, parachutes into Normandy
A 97-year-old U.S. veteran has parachuted into Normandy _ 75 years after he made the same journey on D-Day
8:41AM ( 10 minutes ago )
Survey: Companies add fewest jobs in 9 years in May
Survey: Companies add 27,000 jobs in Many, fewest in 9 years
8:35AM ( 16 minutes ago )
Reforms to Dutch pension system agreed after years of talks
After years of discussions, the Dutch government, employers and labor unions have hammered out a proposal to reform the country's pension framework aimed at making the costly system sustainable as people live longer
8:33AM ( 19 minutes ago )
Associated Press (AP)
US tariffs looming, many in Mexico back president's approach
Facing possible crippling tariffs, many in Mexico support President Andrés Manuel López Obrador's measured response
8:06AM ( 45 minutes ago )
Booker's affordable housing plan: Tax credit, zoning changes
Democratic presidential candidate Cory Booker has released a housing proposal that includes a tax credit designed to help make rentals more affordable plus zoning changes and new funding to boost construction of units for low-income renters
8:02AM ( 49 minutes ago )
Global markets rise on US Fed's signal on rate cuts
Global markets are up again after the Federal Reserve signaled it was ready to cut interest rates to support the U.S. economy against risks from trade conflicts
7:38AM ( 1 hour ago )
AP Business
World shares get boost from US Fed signal on rate cuts
World shares surge after Fed signals readiness to boost economy
4:21AM ( 4 hours ago )
GOP senators line up against Trump's Mexico tariff plan
Republican senators are declaring deep opposition to President Donald Trump's threatened tariffs on all goods coming into the US from Mexico
4:21AM ( 4 hours ago )
Asian shares jump on US Fed's rate cut bandwagon
Asian shares surge on Fed signals readiness for rate cuts if needed
3:11AM ( 5 hours ago )
AP Business - Economy
The Latest: Veteran, 97, parachutes into Normandy
A 97-year-old U.S. veteran has parachuted into Normandy _ 75 years after he made the same journey on D-Day
8:41AM ( 10 minutes ago )
Reforms to Dutch pension system agreed after years of talks
After years of discussions, the Dutch government, employers and labor unions have hammered out a proposal to reform the country's pension framework aimed at making the costly system sustainable as people live longer
8:33AM ( 19 minutes ago )
The Latest: Trump reads Roosevelt's D-Day prayer, meets vets
President Donald Trump marks D-Day by reading excerpts of prayer President Franklin Roosevelt read to Americans
8:21AM ( 30 minutes ago )
Trump reads from FDR's prayer to the US on D-Day
President Donald Trump read from a prayer delivered by President Franklin D. Roosevelt as he joined other world leaders and veterans Wednesday in marking the 75th anniversary of D-Day
8:20AM ( 31 minutes ago )
Trade war comes to Louisville, Jack Daniels takes tariff hit
Tariff war pulls on sales growth at
8:20AM ( 32 minutes ago )