Private payrolls disappoint, add 38,000 jobs in May

U.S. private-sector payroll growth slowed sharply in May, falling to the lowest level in eight months and prompting some economists to lower forecasts for job growth in Friday's U.S. government report.

The ADP Employment Services report is the latest in a string of data suggesting economic growth remained sluggish early in the second quarter after hitting a soft patch in the first months of the year. The economy grew at a tepid 1.8 percent annual rate in the first three months of the year, softer than analysts originally anticipated.

"This only adds fuel to the argument that the slowdown story is here in the U.S.," said Tom Porcelli, chief U.S. economist at RBC Capital Markets in New York.

Read Full Article from Los Angeles Times

- Posted: 2011-06-01 09:28:59

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