ADP Report Says Job Growth Is Stagnant

Employment growth has stagnated for the third straight month, according to the latest ADP(ADP Quote) report.

The economy took on a paltry 10,000 nonfarm private-sector jobs in April. March's employment number was revised down by 5,000 to 3,000. And in February, the report shows the economy losing 18,000 jobs. Employment growth has averaged 99,000 jobs per month since the survey began in May 2006.

Large and medium businesses and construction, manufacturing, and other goods producers continue to be particularly hard-hit.

"There has been a very sharp slowdown in employment growth and you're still seeing pretty pronounced retractions in construction and manufacturing, and growth in the service sector," says Joel Prakken, chairman of Macroeconomic Advisers LLC, the group that developed and maintains the ADP report. ...