ROSELAND, NJ—Moody’s Analytics Chief Economist Mark Zandi says he is disappointed with private sector job numbers in May, but is bullish on the national employment picture long-term.
Roseland-based ADP reports that just 179,000 private sector jobs were added nationwide from April to May, as compared to 215,000 new jobs during the March to April period. Gallup, on the other hand, reports that its job creation index hit a new high at +27 in May, the highest ever for its national employment index, according to NJBiz.com. Gallup reports in its May survey that 40% of employers reported company job growth, 13% reported their company was reducing its work force and 41% reported no change in employee count.
“Taken at face value it’s a bit disappointing, which suggests that job growth on a monthly basis is still below 200,000,” Zandi says in response to the ADP job figures. “That’s roughly where we’ve been for the past three years at this point.”
Zandi adds that he expects to see private sector job growth to be consistently over the 200,000-job threshold going forward. “The quality of the job creation throughout most of the recovery has been poor, low-paying occupations, that kind of thing,” he says. “More recently, in the last 12 to 18 months, the quality of job creation has improved. Now we’re seeing increasingly a greater number of higher-paying jobs being created.” See story in NJBiz.