According to a report issued by ADP, businesses added 119,000 jobs during the month of April — not exactly great news since the jobs report will be released tomorrow. As reported by CNN Money, economists were anticipating growth of 170,000 jobs.
So, what does this mean with the soon-to-be-released monthly jobs report? There’s a slight slowdown since 201,00 jobs were added in March and 228,000 jobs were added in February, as per the same report.
Joel Prakken, Macroeconomic Advisers chairman, thinks it’s a lukewarm statistic. He told CNNMoney, “Those employment gains are not enough to get us back to full employment. I don’t consider this to be a good number. It’s tepid.”
CNNMoney anticipate the data tomorrow will reflect 160,000 additional jobs in April which represents 165,000 from the private sector minus approximately 5,000 government jobs. Assuming the number of people in the work force remains the same, the unemployment rate will likely not dip below the current rate of 8.2 percent, says the piece. Until the report is issued tomorrow, however, we won’t have exact numbers. Stay tuned…