ADP April employment report missed expectations with 156,000 new private sector jobs. The official BLS or Bureau of Labor Statistics employment report is due Friday and expected to show 200,000 new jobs.
Productivity continues to go south falling 1% in the first quarter to mark a second consecutive decline that has now become the largest drop in 23 years. Unit labor costs gained 4.1% over the same period, the 4th quarter gain was revised down to 2.7%. This will put additional pressure on corporate profit margins.
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