by Sheraz Mian
Financial Sense
Today’s weaker-than-expected April ADP jobs report likely adds to the global growth worries. The US labor market has been a source of consistent strength and stability in an otherwise uncertain economic backdrop. Even as a number of other key US economic indicators showed weakness and loss of momentum over the last two quarters, the labor market continued to chug along, with all labor market readings like weekly jobless claims, the ADP survey and the monthly non-farm payroll report from the government’s Bureau of Labor Statistics (BLS) showing consistent gains month after month. Today’s ADP report is the first weak showing on the labor market front, which, if confirmed by the Friday government jobs report, will represent a notable deterioration in the US economic outlook