Skip to comments.ADP Revises Methodology and Finds 365,000 FEWER Jobs Were Created Than Thought in 2012
Posted on 10/31/2012 1:24:52 PM PDT by whitedog57
There were two purchasing manager reports today: Chicago and Milwaukee.
The Chicago Purchasing Manager index was less than expected at 49.9 for October, although up a wee bit from Septembers reading of 49.7.
Here are the gory details to go along with the 49.9 reading. Employment at a 33 month low and inventories slipped into contraction.
The downward trend in the Chicago PMI index is matched by the downward trend in the Chicago employment index.
The Milwaukee PMI index fell in October to 43.30 and continues to be below 50 since the end of July 2012.
Both the Chicago and Milwaukee purchasing indices are quite similar. Together, they smooth out the volatility and point to a lackluster manufacturing recovery.
Hopefully, the jobs report on Friday will generate some positive news on the employment front. But if the change in non farm payrolls (NFP) follows decline in the Chicago PMI employment index, it is likely to be a disappointing jobs report tomorrow.
ADP announced it has teamed with Moodys Analytics and have revised their measure of private jobs created. Unfortunately, the revision for 2012 reveals that 365,000 fewer private jobs were created than previously thought! See here and compare with the old index at the Fed of St Louis web page. So it will be interesting to see if the Bureau of Labor Statistics catches the overestimation of jobs.
Not mention the loss of 17,400 manufacturing jobs. That is where the Chicago PMI report was pointing.
(Excerpt) Read more at confoundedinterest.wordpress.com ...
Rhut Ro... put obammer is the slammer!
These revisions are amazingly HUGE
These government economists are truly unbelievable.
In other words: Obamao’s policies did not create any jobs - ADP just pulled them out of their [expletive deleted] ....posteriors.
By all indications, we should end up with a negative print for the BLS this week. Hold onto your hats folks, the libtards are finally going to learn that all is not quite so rosy here in the real world.
Coming to you in a Romney ad soon.
I don't think any of the unemployed were fooled into believing they had a job........must've been everyone else 0 Inc. thought they were fooling.
Somebody owes Jack Welch an apology.
So are they going to tell us Friday what the real unemployment rate is? 14%?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.