Another discouraging report on the economy and it will be hard to write this one off to the weather. As Kathleen Madigan of the Wall Street Journal reports:
Private-sector payrolls in the U.S. increased by 179,000 new jobs in May, says the national employment report compiled by payroll processor Automatic Data Processing Inc. Economists surveyed by The Wall Street Journal expected ADP to report a stronger May advance of 210,000. The April ADP employment increase was revised to 215,000 from 220,000 reported a month ago.
This is a big week for numbers. Weekly first time claims report will be outtomorrow and, on Friday, the unemployment number for last month.
So far, it is Reality 1, Expectations 0.