Private sector jobs fall in April - report

More terrible news on the economy, this time regarding private sector hiring. Reuters: Private employers hired a far fewer than expected 119,000 people in April, the smallest gain since September 2011, a report showed on Wednesday, adding to concerns that the economy has lost some of its momentum. The manufacturing sector shed 5,000 jobs, the first loss since September of last year. That was in contrast to more cheery data on Tuesday that showed a gauge of employment in the sector rose to its highest level since last June. Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 177,000 jobs. The report by ADP, a payrolls processor, is jointly developed with Macroeconomic Advisers LLC and is published two days before the government's broader payrolls report. "This is an upsetting report," said David Carter, chief investment officer at Lenox Advisors in New York. "The strength of the U.S. economic rebound is clearly still...(Read Full Post)