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A report on the U.S. job market from Automatic Data Processing (ADP) on Wednesday morning surprised economists once again by coming in substantially below their expectations. The 135,000 new private-sector jobs created in May were way below the 170,000 estimated by economists polled by Dow Jones Newswires. Mark Zandi, chief economist for Moodyâ€™s Analytics, which produces the report for ADP, tried to put a positive spin on the disappointment:
The job market continues to expand but growth has slowed since the first of the year.
The softer job market this spring is largely due to significant fiscal drag from [Januaryâ€™s payroll and income] tax increases and [from] government spending cuts....