Business News

US Economy Adds Jobs

Private sector job creation swung higher in May after a lackluster April, with companies adding 201,000 positions for the month, according to payroll firm ADP. Job creation was skewed heavily toward small businesses in May.  Trade, transportation and utilities led the way with 56,000 new jobs, professional and business services were next at 28,000 and construction adding 27,000 jobs. The one blight on the report was manufacturing, which lost 5,000 positions. (CNBC)

This could upset markets. Greece will skip a payment due Friday to the International Monetary Fund if its creditors do not offer a clear plan for aid in exchange for reforms. (Reuters)

You say you can’t afford to save for retirement? Smoking costs the average smoker at least $1.1 million over a lifetime. Alaska had the highest total cost per smoker at a little more than $2 million and South Carolina had the lowest per-smoker costs at almost $1.1 million.  Oregon ranked 22nd in cost at about $1.5 million. (USA Today)

Chinese foreign direct investment in the U.S. totaled $12 billion last year, topping $10 billion for the second year in a row. Some Chinese companies are building manufacturing plants, from the ground up, on U.S. soil. They're spending hundreds of millions on new projects and expansions. (Rhodium Group)

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