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By Jason Stipp | 03-30-2011 03:58 PM

Job Market Growing, but Not Fast Enough

Things are getting better in the labor market, but we're still millions of jobs in the hole, says Morningstar's Vishnu Lekraj, who predicts some headwinds for Friday's job report.

Jason Stipp: I'm Jason Stipp for Morningstar. Ahead of the all-important government labor report on Friday, we got some ADP employment data on Wednesday. Here with me to dig into the details of that data and give his forecast for Friday's number is Vishnu Lekraj. He is an equity analyst covering the employment sector. Bob Johnson, who normally joins us for this discussion, is on vacation this week.

Thanks for joining me, Vishnu.

Vishnu Lekraj: Thanks for having me.

Stipp: So, we got ADP. It was roughly in line, about 200,000, a little bit more, jobs added to the private sector. What was your top line take on that report?

Lekraj: Pretty much in line. You know, we're gaining. If you look at it over the past four or five months, we've been adding about 200,000 jobs, ADP says, on average to the private sector, which is good news.

But when you take a look at that in context of what we've lost since the beginning of the recession, December 2007, we're still millions of jobs in the hole. So, even though things are getting better, we still need them to accelerate, and they haven't been accelerating much.

Stipp: Were there any interesting trends, looking under the data in ADP, services versus manufacturing, or small versus big company hiring, for example?

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