The ADP National Employment Report
May, 2008
Summary
May, 2008
Summary
Nonfarm private employment increased 40,000 from April to May 2008 on a seasonally adjusted basis, according to the ADP National Employment ReportTM. The estimated change in employment from March to April was revised up from an increase of 10,000 to an increase of 13,000. Though May’s estimate for a moderate increase in employment is above consensus forecasts of an outright decline, it nevertheless suggests continued weakness in employment.
Details
Nonfarm private employment increased 40,000 from April to May 2008 on a seasonally
adjusted basis, according to the ADP National Employment Report™. The estimated
change in employment from March to April was revised up from an increase of 10,000 to
an increase of 13,000.
Though May’s estimate for a moderate increase in employment is above consensus
forecasts of an outright decline, it nevertheless suggests continued weakness in
employment.
Employment in the service-providing sector of the economy grew 77,000, while
employment in the goods-producing sector declined 37,000, the eighteenth consecutive
monthly decline. Manufacturing employment fell 26,000 in May and marked the twentyfirst
consecutive monthly decline.
Large businesses, defined as those with 500 or more workers, saw employment decline
18,000, while medium-size companies with between 50 and 499 workers declined by
3,000. Conversely, employment among small-size businesses, defined as those with
fewer than 50 workers, advanced 61,000 during the month.
Two sectors of the economy hit hardest by recent problems in mortgage markets have
been residential construction and financial activities related to home sales and mortgage
lending. In May, construction employment dropped 13,000. This was the eighteenth
consecutive monthly decline, and brings the total decline in construction jobs since the
peak in August of 2006 to 298,000. However, May’s decline was the smallest since
January. In addition, employment in financial activities advanced 5,000 during May, the
third consecutive monthly gain.
Nonfarm private employment increased 40,000 from April to May 2008 on a seasonally
adjusted basis, according to the ADP National Employment Report™. The estimated
change in employment from March to April was revised up from an increase of 10,000 to
an increase of 13,000.
Though May’s estimate for a moderate increase in employment is above consensus
forecasts of an outright decline, it nevertheless suggests continued weakness in
employment.
Employment in the service-providing sector of the economy grew 77,000, while
employment in the goods-producing sector declined 37,000, the eighteenth consecutive
monthly decline. Manufacturing employment fell 26,000 in May and marked the twentyfirst
consecutive monthly decline.
Large businesses, defined as those with 500 or more workers, saw employment decline
18,000, while medium-size companies with between 50 and 499 workers declined by
3,000. Conversely, employment among small-size businesses, defined as those with
fewer than 50 workers, advanced 61,000 during the month.
Two sectors of the economy hit hardest by recent problems in mortgage markets have
been residential construction and financial activities related to home sales and mortgage
lending. In May, construction employment dropped 13,000. This was the eighteenth
consecutive monthly decline, and brings the total decline in construction jobs since the
peak in August of 2006 to 298,000. However, May’s decline was the smallest since
January. In addition, employment in financial activities advanced 5,000 during May, the
third consecutive monthly gain.
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