Job Creation Light, Claims Up, Economy Grows Just 1.9%

From CNBC.com:

Private employers created 133,000 jobs in May, payrolls processor ADP said. That was below economists' expectations for 148,000 jobs.

The report comes ahead of Friday's closely watched employment report for May, which is expected to show that nonfarm payrolls increased 150,000, up from a paltry 115,000 in April.....


Employers announced 61,887 jobs cuts this month, a surge of 52.6 percent from 40,559 in April, according to Challenger, Gray & Christmas Inc....


Separately, gross domestic product increased at a 1.9 percent annual rate in the first quarter, down from the 2.2 percent the Commerce Department had estimated last month. The economy grew at a 3.0 percent rate in the fourth quarter.

The report also showed that after-tax corporate profits dropped for the first time in three years last quarter....

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Link: http://www.cnbc.com/id/47627947