Recovery: muted job growth or worse

[pscot]

ADP said U.S. private-sector employers added 179,000 jobs in April, fewer than some analysts expected. The report comes two days before the more closely followed Labor Department payrolls report, which encompasses both the private- and public-sector labor markets. See story on ADP jobs report.

“This week, the sentiment of the market is one of economic concern — concern that we continue to receive only muted job growth or worse,” said strategists at RBS Securities in a note. “This shift follows the market’s recognition of the current slowdown in first-quarter GDP (which helped take yields from 3.60% to here), and worries that the second quarter will not show the re-acceleration of growth we are looking for.”

The Institute for Supply Management’s services-sector index fell to 52.8 in April, weaker than analysts predicted. See more on ISM.

“Data such as this corroborate our more cautious stance entering the year and should further push to the sidelines those expecting 4% growth or more this year,” said Dan Greenhaus, chief economic strategist at Miller Tabak.

http://www.marketwatch.com/story/treasurys-fall-for-the-first-day-in-five-2011-05-04?link=MW_home_latest_news

[golfguru]

1. This should be blamed on Bush

for handing us a sick economy.