ADP Foreshadows Worse Jobs Creation & Higher Unemployment… All Over Again

[marmar]

from 24/7WallStreet:




ADP Foreshadows Worse Jobs Creation & Higher Unemployment… All Over Again
Posted: June 1, 2011 at 8:28 am


The ADP report comes out on the first Wednesday of each month and sometimes is considered a barometer for each Friday’s unemployment report from the Labor Department. If May’s reading from ADP is really a barometer, then the non-Farm payrolls data is going to be for one massive disappointment.

ADP reported for May that the private sector created only 38,000 jobs. Dow Jones had estimates of 190,000 jobs added. This is not just bad, it is miserable and represents the worst number in about eight months. The reading from April was 179,000. Awful all the way around.

What you can now expect is that the economists in a consensus will be gearing up their weekly jobless claims data for Thursday and will be gearing down their figures for Friday’s non-Farm Payrolls data. The only good news here is that ADP is not always entirely representative of the country. ...........(more)

The complete piece is at: http://247wallst.com/2011/06/01/adp-foreshadows-worse-jobs-creation-higher-unemployment-all-over-again/#ixzz1O1uOQG1s

[SoCalDem]

1. Not a bit surprised here..

As more & more people fall away from unemployment benefits, more & more people have less & less money to buy "services" & Chinese plastic junk.

Once the spiral starts (as it did a few years ago) it does not end easily..It feeds on itself & worsens.

[madrchsod]

2. where i live business is hiring but not enough to offset loses