01 Jun '11, 3pm

DTN Singapore: US private-sector hiring slumps in May: WASHINGTON - THE US private sector added few jobs in May...

WASHINGTON - THE US private sector added few jobs in May as employers faced rising signs the economy is entering a soft patch in a long, fragile recovery from recession, private data showed on Wednesday. Payrolls firm ADP said the nonfarm private sector added 38,000 jobs in May, after a gain of 177,000 in April. The sharp slowdown was well below the consensus estimate that 170,000 jobs would be added and offered a warning signal ahead of the government's May jobs data due on Friday. The deceleration 'while disappointing, is not entirely surprising' given the economy's weakening recovery from recession, ADP said. The economy expanded at a 1.8 per cent rate in the first quarter and total gross domestic product growth over the last four quarters was only about 2.25 per cent, the payrolls firm said. 'This is below most economists' estimate of the economy's potential growth rat...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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