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| US economic growth slows to 1.9% as latest jobs figures disappoint | US economic growth slows to 1.9% as latest jobs figures disappoint |
| (about 1 month later) | |
| The US's fragile economic recovery slowed in the first quarter as a closely watched survey of private sector jobs growth pointed to a slowing in the jobs market. | The US's fragile economic recovery slowed in the first quarter as a closely watched survey of private sector jobs growth pointed to a slowing in the jobs market. |
| Gross domestic product (GDP) – the broadest measure of economic growth – rose just 1.9% in the first quarter, down from an estimated 2.2% and far slower than the 3% clocked in the fourth quarter of last year, the department of commerce said Thursday. | Gross domestic product (GDP) – the broadest measure of economic growth – rose just 1.9% in the first quarter, down from an estimated 2.2% and far slower than the 3% clocked in the fourth quarter of last year, the department of commerce said Thursday. |
| Consumer spending continued to rise, albeit at a weaker rate. Exports and business investment also contributed to growth but they were partly offset by cuts in federal, state and local government spending. Imports increased, another drag on GDP. | Consumer spending continued to rise, albeit at a weaker rate. Exports and business investment also contributed to growth but they were partly offset by cuts in federal, state and local government spending. Imports increased, another drag on GDP. |
| Growth in the second quarter is currently estimated at a pace of about 2.5%. | Growth in the second quarter is currently estimated at a pace of about 2.5%. |
| The sluggish pace of growth was in line with analysts expectations but came amid further evidence of the challenges still facing the US economy – and by extension president Barack Obama's re-election campaign. | The sluggish pace of growth was in line with analysts expectations but came amid further evidence of the challenges still facing the US economy – and by extension president Barack Obama's re-election campaign. |
| Weekly applications for unemployment benefits hit 380,000, a five-week high, the US Labour Department said Thursday. | Weekly applications for unemployment benefits hit 380,000, a five-week high, the US Labour Department said Thursday. |
| The figures came as the latest poll in a closely-watched survey of private-sector employment was released. The US private sector added 133,000 new jobs from April to May, according to the latest ADP National Employment Report. The figure was lower than the 150,000 analysts had been expecting. | The figures came as the latest poll in a closely-watched survey of private-sector employment was released. The US private sector added 133,000 new jobs from April to May, according to the latest ADP National Employment Report. The figure was lower than the 150,000 analysts had been expecting. |
| The estimated gain from March to April was also revised down modestly, from the initial estimate of 119,000 to 113,000. | The estimated gain from March to April was also revised down modestly, from the initial estimate of 119,000 to 113,000. |
| Gus Faucher, senior macroeconomist at PNC Financial Services, said the GDP figures were in line with expectations but the jobs figures, particularly from ADP, were more worrying. "On top of last month's figures they suggest that growth may have slowed dowen," he said. | Gus Faucher, senior macroeconomist at PNC Financial Services, said the GDP figures were in line with expectations but the jobs figures, particularly from ADP, were more worrying. "On top of last month's figures they suggest that growth may have slowed dowen," he said. |
| ADP's latest poll comes ahead of the government's monthly snapshot of the jobs market – the nonfarm payrolls report. After showing strong growth over the winter, the government figures have reported a significant slowing in the pace of recovery for the last two months. | ADP's latest poll comes ahead of the government's monthly snapshot of the jobs market – the nonfarm payrolls report. After showing strong growth over the winter, the government figures have reported a significant slowing in the pace of recovery for the last two months. |
| Faucher said he had cut his forecast for tomorrow's figures from 170,000 new jobs to 150,000. In April the US added 115,000 new jobs. | Faucher said he had cut his forecast for tomorrow's figures from 170,000 new jobs to 150,000. In April the US added 115,000 new jobs. |
| Job cuts hit an eight month high in May, according to a report by global outplacement firm Challenger, Gray & Christmas. US employers announced plans to cut 61,887 workers from their payrolls in May, the most since last September when layoffs totaled 115,730. | Job cuts hit an eight month high in May, according to a report by global outplacement firm Challenger, Gray & Christmas. US employers announced plans to cut 61,887 workers from their payrolls in May, the most since last September when layoffs totaled 115,730. |
| The biggest losses came from Hewlett Packard, which announced plans to cut 27,000 jobs. | The biggest losses came from Hewlett Packard, which announced plans to cut 27,000 jobs. |
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