Posted on 07/07/2011 6:18:49 AM PDT by Free Vulcan
WASHINGTON (MarketWatch) — Private-sector employment rose 157,000 in June, according to Automatic Data Processing Inc.’s employment report released Thursday, in what could be a signal that the recent economic soft patch may not last long.
The headline number surprised Wall Street, coming in more than double the 70,000 increase expected by economists. Read more on U.S. stock futures taking comfort from ADP payrolls.
With the report typically considered the first stab at counting job gains each month, markets will be watching the ADP data closely because last month’s report accurately predicted the sharp drop in nonfarm payroll subsequently reported by the government for May.
(Excerpt) Read more at marketwatch.com ...
http://www.marketwatch.com/story/us-jobless-claims-fall-to-418000-from-432000-2011-07-07-830200
How many of the new jobs were...*ahem*...spatula-ready?
Yep. Just a little soft patch on that superhighway of recovery.
Amazing.
That phrase “soft patch” stood out for me too. I haven’t had a raise in 3 years, not even cost of living increase, and feel fortunate I have a job. He’s talking “soft patch”.
Lots of summer temp jobs.
Dontcha like that? ‘Soft patch’. Chill dude, we’re just going thru a little soft patch of several million jobs lost and 10%+ unemployment.
Financial guru has always said your raise is effective when you are.
I guess no one in my company is effective.
Except the principals, of course, they keep getting raises.
So that means that last week's number of 427,000 (W/E 6/25) was actually adjusted up by 5,000 after being presented as a 1,000 dip from the unreviswed 428,000 of W/E 6/18.
BTW, the article incorrectly states that last week's number was 428,000.
432K? Last week they said that it had dropped 1,000 to 428K. so in reality, last week’s drop was really an increase. It is still above the ‘magic number’ of 400K (which used to be 375K and 325K before that and 275K before that).
All those White House staffers on spending spree.
Last time the jobs numbers looked good most of it was due to Seasonal Adjustments. Any thing like that this month?
Big above the fold headline in the IndyStar this morning touting the uptick in hiring in the auto industry. The story about decline in service industry jobs was buried below the fold on page 17.
I expect this onslaught of great economic news to continue right into the Fall of 2012. Whether it is true or not won’t matter. What matters is getting the Bambster reelected at all cost.
432K? Last week they said that it had dropped 1,000 to 428K. so in reality, last week’s drop was really an increase. It is still above the ‘magic number’ of 400K (which used to be 375K and 325K before that and 275K before that).
Nail hit on head! The goal posts keep moving.
Wonder what the Birth/Death adjustment is.
That is in the BLS (Bureau of Labor Statistics) number, not the ADP number, but the ADP has to have a bad estimate in it too given that initial claims continue to be above 400k.
You forgot that little club principals belong to. The I Got Mine Club.
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