December Job Losses Off The Charts

[leveymg]

Source: 247wallst.com, Reuters

http://www.247wallst.com/2009/01/adp-sees-decemb.html

January 07, 2009


This is a revised number with new methodology, but ADP's job loss number predictions for December are off the chart. ADP had previously been under expectations where Wall Street economists were 500,000 non-farm payroll losses. This new revised target from ADP is now showing that ADP expects to see a contraction in total jobs by a whopping 693,000 in December.

The breakdown is as follows:

* Small businesses -281,000
* Medium businesses -321,000
* Large businesses -91,000

OR BY SECTOR

* Goods-producing sector -220,000
* Service-providing sector -473,000

As ADP stated: Beginning this month, the ADP Report will incorporate methodological improvements intended to improve the correspondence between the nonfarm private employment estimates shown in the ADP Report and estimates published in the Bureau of Labor Statistics' Employment Situation Report.

Please be advised that ADP has still been very questionable on its estimates. It does offer some insight, but its numbers have fluctuated wildly in good times and in bad times when compared to the BLS data.

Jon C. Ogg
January 7, 2009

Even India's tech sector is slumping badly, as everybody recalibrates their data. Corporate fraud and overinflated earnings are a global problem. The rosy picture of economic recovery we all received during the Bush era seems to have been a Big Lie. The whole world now looks to be going down together.

http://www.reuters.com/article/hotStocksNews/idUSN02ELLSNA20090107

Stock futures drop before ADP jobs data
Wed Jan 7, 2009 8:03am EST

By Ellis Mnyandu

NEW YORK (Reuters) - Stock index futures fell on Wednesday due to caution ahead of an economic report likely to show further deterioration in the labor market.

Investors also worried that the corporate profit outlook would stay bleak for a while even as Washington pushes for a plan to revive the world's largest economy.

The ADP National Employment Report is due at 8:15 a.m., two days before the key U.S. nonfarm payrolls report for December.

Sentiment also took a knock on a revelation that India's Satyam Computer Services (SAY.N) (SATY.BO) falsely inflated earnings for years. The news sent India's main equity index SENSEX plunging 7 percent.

The fraud at the major business software and back-office services company could add to investor anxieties about the integrity of the markets

Read more: http://www.247wallst.com/2009/01/adp-sees-decemb.html