Posted on 07/06/2012 6:49:00 AM PDT by SeekAndFind
(Reuters) - Private employers stepped up hiring in June and the number of Americans filing new claims for jobless benefits last week fell by the most in two months, hopeful signs for the struggling labor market.
But dark clouds continue to gather over the U.S. economy, with the vast services sector crawling forward at its slowest pace in nearly 2-1/2 years in June and retailers reporting sales below expectations, other data showed on Thursday.
The economy has been hit by turbulence from Europe's debt crisis and fears of tax increases at home next year, undermining confidence among businesses and ordinary Americans.
In a sign of growing concern that the world economy is deteriorating, China, Britain and the euro zone all loosened monetary policy in quick succession earlier on Thursday.
The day's data showed the U.S. economy has not completely lost steam, but it is not significantly accelerating either, said Anthony Chan, chief economist at Chase Wealth Management.
"We are still looking at an economy that is growing, and if labor market conditions continue to improve, that's likely to give consumers the wherewithal to give the U.S. economy a second wind in the second half of the year," he said.
U.S. private employers added 176,000 new workers to their payrolls last month, the ADP National Employment Report showed, after increasing 136,000 in May. The government will release its closely watched employment report for June on Friday.
ADP has a poor track record of predicting nonfarm payrolls. According to Barclays, its figures have differed from the government's numbers by an average 50,000 jobs per month this year. Still, the report was another welcome sign for the labor market.
(Excerpt) Read more at reuters.com ...
Oops! ADP’s report is designed to get ADP’s name in front of the public. It is not a meaningful statistical survey. It’s only off 50%.
It did however succeed in getting ADP mentioned on all media in the western world.
Manpower has the same gimmick.
“hopeful signs for the struggling labor market”
Blah blah, blah blah blah.
How much longer is the average American going to put up with “Hope”?
The proverbial eternal spring has to run dry as some point.
All we heard during the last Presidential campaign was hope and change. Well, hope turned out to be hope-less and change turned out to be change-less. Less hope for a future and far less change in our pockets.
Six and a half million Americans looking for work and only eighty thousand found a job last month. Is this the recovery our incredible shrinking President keeps bragging about? Is this what he means when he says the private sector “is doing fine”? Actually, I think this is what he meant by “fundamentally transforming America”.
Wishcasting.
So, do you think the official unemployment rate with go below 8% by November this year?
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