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ADP Misses Big, Prints Lowest Increase Since September; Manufacturing Jobs Post Shocking Decline

Tyler Durden's picture




 

Update: Goldman commentary which mirrors ours:

  1. The ADP estimate of private employment growth was +119k for April, below the consensus expectation for a 170k gain (growth in February and March was also revised down slightly). As with the official BLS count of employment, we believe that a “payback” from warm weather earlier in the year could explain some of the slowing in the ADP measure in both March and April.
  2. Results from the ADP report were mixed across industries. Employment at goods producing firms declined by 4k, with declines of 5k in both manufacturing and construction employment. The decline in manufacturing employment looks at odds with other information on the sector, such as yesterday’s ISM report. The drop in construction employment may be partly weather-related. Service sector employment rose by +123k, down from +158k in March and +184k in February.

 

Those hoping Goldman's NFP forecast of 125,000, well below consensus, is wrong, may have to reassess their thesis following the just released ADP number which came as a big disappointment to consensus of 170,000, instead printing at only +119,000, to 110,590. (The previous improvement was also downward revised from +209K to +201K). This was the lowest sequential change since September 2011, and confirms once again, the declining trends last seen in... 2011. It was also the biggest miss in 11 months. Luckily, as the scatterplot below shows, ADP is completely meaningless when predicting NFP so our gut reaction would be to expect a beat in NFP based on this print considering the whole Schrodinger economy and what not (see China). However, on an apples to apples basis, one thing is certain: record warm winter payback is a bitch. And finally, that whole Obama export renaissance is not doing all too hot: goods producing sector: -4,000 in April, while manufacturing jobs declined by -5,000. But, but, the soaring ISM..... oh forget it.

From the press release, where we find Hopium is back. How shocking that even ADP has been exposed to have a subjective, upward bias.

“According to data shown in the ADP National Employment Report, monthly employment gains averaged just over 200,000 during the first quarter of this year,” said Carlos Rodriguez, President and CEO of ADP. “This month’s modest increase of 119,000 jobs appears consistent with the first-quarter Gross Domestic Product growth of 2.2 percent.

 

We hope future rates of job creation will be more aggressive and sustained,” Rodriguez added.

 

According to Joel Prakken, Chairman of Macroeconomic Advisers, LLC, “While April’s increase was the twenty-seventh consecutive monthly advance, it nonetheless reflected a deceleration in the recent pace of hiring. This deceleration seems consistent with other incoming data, including a disappointingly weak report on first-quarter Gross Domestic Product, a recent back-up in initial unemployment claims, and last month’s relatively weak reading on establishment employment reported by the Bureau of Labor Statistics.”

 

Prakken added: “There is some evidence that unusually warm weather boosted employment during the winter months, with a “payback” now coming due. The modest rise in private employment suggests that the national unemployment rate probably did not decline in April unless there was a notable decline in the labor force.”

From the report:

Employment in the U.S. nonfarm private business sector increased by 119,000 from March to April on a seasonally adjusted basis. The estimated gain from February to March was revised down modestly, from the initial estimate of 209,000 to a revised estimate of 201,000.

 

Employment in the private, service-providing sector increased 123,000 in April, after rising 158,000 in March. Employment in the private, goods-producing sector declined 4,000 jobs in April. Manufacturing employment dropped 5,000 jobs, the first loss since September of last year.

 

Employment on large payrolls—those with 500 or more workers—increased 4,000 and employment on medium payrolls—those with 50 to 499 workers—rose 57,000 in April.

 

Employment on small payrolls—those with up to 49 workers—rose 58,000 that same period. Of the 57,000 jobs created by medium- sized businesses, 8,000 jobs were created by the goods-producing sector and 49,000 jobs were created by the service-providing sector.

 

Construction employment also fell by 5,000, the first decline in seven months and following healthy gains during the unusually warm winter months. Employment in the financial services sector increased 13,000 in April, marking nine consecutive monthly gains there.

Visually:

Biggest miss since May 2011:

Finally, courtesy of John Lohman, here is why this number is completely meaningless when predicting NFP:

 

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Wed, 05/02/2012 - 08:33 | 2390715 insanelysane
insanelysane's picture

Unemployment rate drops to 7.9%, book it.

Wed, 05/02/2012 - 08:36 | 2390723 GetZeeGold
GetZeeGold's picture

 

 

Naw.......5.1% tops.

 

Wed, 05/02/2012 - 08:44 | 2390751 King_of_simpletons
King_of_simpletons's picture

Do not worry folks. Come election time by sheer magic everyone will have jobs !!

Wed, 05/02/2012 - 08:58 | 2390791 mf7lakes
mf7lakes's picture

If everyone would just drop out of the labor pool, we wouldn't be counted in the NFP - Right?  Therefore, we would have 0% unemployment .... what a concept!!!

Wed, 05/02/2012 - 10:47 | 2391144 VisualCSharp
VisualCSharp's picture

Technically, we'd have a divide by zero condition. Total number of workers / Total number of potential workers (0 / 0)

Wed, 05/02/2012 - 09:17 | 2390850 Boilermaker
Boilermaker's picture

WRONG!  It will be 7.9999%

Wed, 05/02/2012 - 09:38 | 2390905 Silveramada
Silveramada's picture

ADP data look good: for a depression stage economy...

Wed, 05/02/2012 - 08:34 | 2390716 ihedgemyhedges
ihedgemyhedges's picture

Service job growth very nice.  Hookers maybe?

Wed, 05/02/2012 - 08:37 | 2390728 GetZeeGold
GetZeeGold's picture

 

 

Good job for someone looking for a tax shelter.

 

Wed, 05/02/2012 - 09:08 | 2390823 sabra1
sabra1's picture

i guess hooking rugs is a job!

 

Wed, 05/02/2012 - 09:22 | 2390863 ihedgemyhedges
ihedgemyhedges's picture

No rugs, they're all shaved now......................

Wed, 05/02/2012 - 08:34 | 2390718 lolmao500
lolmao500's picture

Don't worry, Krugman, Greenspan and Bernanke to the rescue with QE3 on steroids!

Wed, 05/02/2012 - 08:38 | 2390727 lizzy36
lizzy36's picture

I personally think that Yanks should be targetting 4% inflation.

Finally, after hoarding guns for 10 years, Yanks could use them. It would be Darwinian.

Wed, 05/02/2012 - 08:39 | 2390733 GetZeeGold
GetZeeGold's picture

 

 

We'd prefer you call us Damn Yankees.

 

Wed, 05/02/2012 - 14:04 | 2391709 EINSILVERGUY
EINSILVERGUY's picture

No

A yankee is a northener who comes down to Texas and Visits

A Damn yankee is a northener who comes down and stays

 

Wed, 05/02/2012 - 09:48 | 2390943 MachoMan
MachoMan's picture

I never understood why foreigners called all americans yanks...  if you went into new york and called everyone a yankee, I think it would get a bit of a different reaction than doing so in a southern dive bar...  hell, even a southern church during service...  good luck getting out alive.

Wed, 05/02/2012 - 08:56 | 2390779 brewing
brewing's picture

haven't seen the deer in the headlights picture for awhile...

Wed, 05/02/2012 - 10:03 | 2390986 Canucklehead
Wed, 05/02/2012 - 08:34 | 2390719 Shizzmoney
Shizzmoney's picture

+4000 in one month for the bigger companies

49,000 jobs were created by the service-providing sector.

Nice job Obama; you'll be known as "When I was a waitor during the Obama Administration" President.

Mitt could be worse; we could be all butlers. 

lol Cue the fail horn

http://t.co/pDznf06D

Wed, 05/02/2012 - 09:02 | 2390800 azzhatter
azzhatter's picture

But a butler only has to put up with one family of assholes, a waiter has to deal with many

Wed, 05/02/2012 - 08:35 | 2390720 lizzy36
lizzy36's picture

But i thought Obama was on track to double exports in 5 years. How could yanks possibly lose 5000 manufacturing jobs? Obama wouldn't lie would he?

Obama narrative: "we spent $15 trillion on the recovery and we saved at least 1 million jobs". 

Wed, 05/02/2012 - 08:41 | 2390742 francis_sawyer
francis_sawyer's picture

On the front of 'exporting' inflation, jobs, & debt... He's exceeding even his own wildest boasts...

Wed, 05/02/2012 - 09:31 | 2390884 GetZeeGold
GetZeeGold's picture

 

 

Wisely they dropped the word created.......from created or saved.

 

Wed, 05/02/2012 - 09:50 | 2390952 MachoMan
MachoMan's picture

It's not global warming it's err...  climate change!  YEAH!  climate change!  Let's go with that one.

Wed, 05/02/2012 - 09:57 | 2390974 agNau
agNau's picture

Agreed, the digital dollar export is booming. We should Soon hear....."Our exports have risen into the trillions due to my sound dollar policy."
That shrill whining noise heard, the next "Debt Bomb" falling.
Exponential growth of debt the only solution.

Wed, 05/02/2012 - 08:37 | 2390724 LongSoupLine
LongSoupLine's picture

que QE3 rumors fo the algo feeding frenzy on 0% volume.  rinse-n-repeat.

Wed, 05/02/2012 - 09:50 | 2390951 DeadFred
DeadFred's picture

Hopefully so. I'm still looking for that cushy point to buy my positions for the roller coaster ride down and I'm worried that was yesterday. First grandchild was born yesterday so top-calling took a lower priority.

Wed, 05/02/2012 - 10:01 | 2390985 ElvisDog
ElvisDog's picture

QE3 with gasoline above $4 a gallon in the U.S. Yeah, that's the ticket. Even an economic illiterate like Obama would understand what that would do to his re-election chances. Very simply, if gas is over $5 a gallon in November he loses. Doesn't matter what else is going on.

Wed, 05/02/2012 - 10:03 | 2390994 LongSoupLine
LongSoupLine's picture

CONGRATS FRED!!

Wed, 05/02/2012 - 08:38 | 2390726 HD
HD's picture

"Clouseau was also always on the case"

Great fucking comeback Rick.

*forgive the language ladies*

Wed, 05/02/2012 - 08:38 | 2390729 fonzannoon
fonzannoon's picture

Forgive me but can someone please briefly tell me what this whole Shrodingers cat reference is about? Is it just the idea that you can baffle people with contradictory info? They needed a cat to tell us that?

Wed, 05/02/2012 - 08:40 | 2390734 HD
HD's picture

Both dead and alive at the same time. It was a famous thought experiment.

 

Wed, 05/02/2012 - 08:44 | 2390747 francis_sawyer
francis_sawyer's picture

Shrodinger had this cat you see...

Wed, 05/02/2012 - 10:03 | 2390987 ElvisDog
ElvisDog's picture

Schrodinger, his cat, and a jew walk into a bar.....

Wed, 05/02/2012 - 09:04 | 2390805 Orly
Wed, 05/02/2012 - 09:52 | 2390958 DeadFred
DeadFred's picture

The SPCA will be angry with you if you actually conduct the experiment though.

Wed, 05/02/2012 - 08:39 | 2390731 Snakeeyes
Snakeeyes's picture

Throw on top of that the big miss in mortgage refinancings in the US after the massive intervention in housing with the 14 loan modification programs.

http://confoundedinterest.wordpress.com/2012/05/02/mba-purchase-applications-up-mortgage-refi-applications-down-waiting-for-godot-again/

Wed, 05/02/2012 - 08:38 | 2390732 TwoJacks
TwoJacks's picture

hoping for future rates of growth - love that strategy, hope.

Wed, 05/02/2012 - 08:40 | 2390735 Stoploss
Stoploss's picture

Shocking, and unexpected.

Wed, 05/02/2012 - 08:42 | 2390745 GetZeeGold
GetZeeGold's picture

 

 

I know....after all....we did kill Osama.

 

Maybe if we just spiked the ball a little harder.

 

Wed, 05/02/2012 - 08:49 | 2390764 DownByTheRiver
DownByTheRiver's picture

hey, remember how we 'killed osama' and then seal team 6 got blowed up a few days later?

 

that was weird, right?

Wed, 05/02/2012 - 11:33 | 2391294 earleflorida
earleflorida's picture

shit, we knew the whereabouts of bin laden 5 years ago. it was no big secret to the fbi, cia, bush#43 or obama, period!

pakistan's military [general-n-charge?] leaders, and isi run the entire  country with the same bullshit that the cia has with the fbi, neither trust the other, so they defeat the entire system for their own personal [power & money] goals, although the u.s. president has been derelick-in-his-duties for decades,... being controlled by some kind of '3rd eminence`grise'? the people of pakistan hate the military dictatorships that have been running [ruining financially & morally] the country for decades, all the while the isi controls everything. 

pakistan literally controls afghanistan's future, and has since the ussr war. the u.s. knows this, and obama's message to the afghan's yesterday was, your on your own -- but, if you'd like to turn-the-table's on your cut-throat neighbor and fuck-up pakistan, be our guest.

quickly,... the u.s. can't stand pakistan, period! the indian's can't stand pakistan, along with the russian's that support india. the chinese are becoming less tolerant of pakistan, especially when their fucking-up the regions political landscape. bottom line -  india, russia, china, japan, korea, mongolia, and yes even afghanistan don't need no 'hillbilkia', backwater terrorist nation,  fucking-up asia.

jmo     

Wed, 05/02/2012 - 08:40 | 2390737 TwoJacks
TwoJacks's picture

what happened to that guy swinging the baseball bat in his garage?  that was fun to watch at times like this

Wed, 05/02/2012 - 08:44 | 2390750 Its_the_economy...
Its_the_economy_stupid's picture

Really wish I saved that link!

Wed, 05/02/2012 - 08:50 | 2390767 BeerBrewer09
Wed, 05/02/2012 - 09:13 | 2390844 GetZeeGold
GetZeeGold's picture

 

 

Why isn't this guy running for President again? Half an hour on the House floor with a baseball bat and our problems would be over.

 

Wed, 05/02/2012 - 11:10 | 2391227 Cruel Aid
Cruel Aid's picture

I forgot about this magnificent redneck, feeling our pain.

LOL!

Wed, 05/02/2012 - 08:41 | 2390739 lolmao500
lolmao500's picture

All hail all the new McDonalds employees!

Wed, 05/02/2012 - 08:45 | 2390752 Its_the_economy...
Its_the_economy_stupid's picture

Hey, I guy was in the office yesterday who said McD employees are gettting $15/hr up at the tar sands in ND! Winning!

Wed, 05/02/2012 - 09:23 | 2390866 Shizzmoney
Shizzmoney's picture

If McD's employees' are making $15 an hour......then I REALLY know inflation has hit.

Sad part is, the McD's employee has a better insurance plan than my employer (thx to CIGNA protections in Romney-Obama-HeritageCare).

Funny tweet from the official McD's twitter yesterday, considering their staunch history of supporting workers' rights:

Will you be celebrating May Day today? We’d love to hear how!

I did...by NOT buying a McFail with Fries.

Wed, 05/02/2012 - 08:53 | 2390772 EatersOfTheFed
EatersOfTheFed's picture

I can't agree with that because assembling hamburgers is considered a manufacturing job.

Wed, 05/02/2012 - 09:09 | 2390825 lolmao500
lolmao500's picture

I think you are joking but in the new Amerika, I'm not so sure... So... are you joking??

Wed, 05/02/2012 - 08:44 | 2390748 ellandroadfaithful61
ellandroadfaithful61's picture

Trillions spent ( gifted to a small few ) on the recovery, and all most Americans got, was a lousy T-Shirt ( made in China ). Still we Brits didn't even get the damn T-Shirt!! 

Wed, 05/02/2012 - 08:43 | 2390749 Snakeeyes
Snakeeyes's picture

Waiting for Godot. EVERYTHING seems to be missing. ADP, mortgage refis, Dallas MFG, etc. So i smell another slowdown?

http://confoundedinterest.wordpress.com/2012/05/02/mba-purchase-applications-up-mortgage-refi-applications-down-waiting-for-godot-again/

Wed, 05/02/2012 - 08:45 | 2390753 monopoly
monopoly's picture

But I thought we were "de-coupled". And the idiot Bove on Bloomberg advsing banks were NOT responsible for the market crash. And they need to be able to do unlimited derivitive trading and we, the taxpayer, made a fortune on the TARP bailouts. Beyond words. Hopefully Tyler did not see this with Betty Lou, he would go ballistic.

Wed, 05/02/2012 - 08:54 | 2390774 Everybodys All ...
Everybodys All American's picture

That's what happens when no one is prosecuted. Thanks Eric Holder.

Wed, 05/02/2012 - 08:57 | 2390785 wonderatitall
wonderatitall's picture

eric holder should be prosecuted...mark rich and the assisting in murdering thousands of mexicans...but democrats care.....

Wed, 05/02/2012 - 08:46 | 2390756 gaoptimize
gaoptimize's picture

I believe the Government has all the data it needs through various sources to nail the estimates of NFP within a few hundred people (not including the gray and black economy), and if it doesn't, it could pay the credit card companies for the missing pieces.  As things stand now, the inaccuracies are just an excuse for politically motivated adjustments.

Wed, 05/02/2012 - 08:47 | 2390758 junkyardjack
junkyardjack's picture

With all the Europe stuff I was getting worried, finally something bullish.  QE3!

Wed, 05/02/2012 - 08:50 | 2390766 dbomb12
dbomb12's picture

Thats what we need more employment in the service providing industry and less in the manufacturing and goods producing industries, That will definitely help the GDP output in a parallel universe.

Wed, 05/02/2012 - 08:50 | 2390770 TuesdayBen
TuesdayBen's picture

Obama export renaissance?  I say exporting the Obamas is prerequisite to any renaissance.

Wed, 05/02/2012 - 08:54 | 2390777 wonderatitall
wonderatitall's picture

wait a damn minute!!!! i , uh , uh ,i murdered binladen with my bare hands....hope and change baby....remember the damn repubs would not have violated another country or murder someone on foreign soil...damn its great to be a democrat....and bo the dog is lookin tasty

Wed, 05/02/2012 - 08:58 | 2390792 catalyst21
catalyst21's picture

If I see another one of those "Are You In" ads with Michelle's and/or the family picture I'm going to barf - ya, we're "all in", in the unemployment line!

Wed, 05/02/2012 - 10:06 | 2390998 ElvisDog
ElvisDog's picture

"Are you in" is one of those advertising/marketing phrases that I'm sure they paid some firm a lot of money to come up with, but I have no idea what it means? "Are you in cahoots?", "Are you in-credibly gullible?" "Are you in-sane?" What?????

Wed, 05/02/2012 - 09:00 | 2390794 Benjamin Glutton
Benjamin Glutton's picture

I have been both an innovator and job creator all my life. I find our current fascist government trajectory of the last twelve years intolerable and uninspiring.

 

perhaps a good waterboard session might fix this outlook.

Wed, 05/02/2012 - 09:00 | 2390795 gastrolith
gastrolith's picture

Love Bloomberg's lead paragraph: it's a "reminder the job market will take time to strengthen."

Maybe it's a reminder that the govt is led by imbeciles and the media are useless.

Wed, 05/02/2012 - 09:34 | 2390898 Vince Clortho
Vince Clortho's picture

Actually, the Bankers (and their Political Puppets) goal of turning the U.S. into a 3rd world country is progressing as planned.  The media is quite useful in it's role of reassuring the public that everything is fine, and that recovery is "just around the corner".  

They are hoping the transition will be as peaceful and orderly as possible.

Wed, 05/02/2012 - 09:04 | 2390809 SmoothCoolSmoke
SmoothCoolSmoke's picture

Yesterday's ISM - pure frabrication.  Someone should go to jail.

Wed, 05/02/2012 - 09:12 | 2390840 mayhem_korner
mayhem_korner's picture

 

 

From CNBC guest sock-puppet Joel Prakken:

 "A lot of the data that we looked at that's more forward-looking in nature, really holding up pretty well," he said.

Dear Joel: There is no such thing as forward-looking data, there are forecasts (i.e., forward-looking lies), and there are actuals (i.e., data).

Wed, 05/02/2012 - 09:12 | 2390842 the not so migh...
the not so mighty maximiza's picture

ADP is full of it, it was allot worse

Wed, 05/02/2012 - 09:17 | 2390849 Dapper Dan
Dapper Dan's picture

That last chart is very poor grouping,  maybe try to "squeeze" the trigger, not pull.

and this from the news

IMF official says Egypt economic program needs more political support before IMF can move forward with $3.2 billion aid package - @Reuters

I wonder what "political support" means in newspeak? 

Doubleplusgood!

 

Wed, 05/02/2012 - 09:25 | 2390871 fuu
fuu's picture

More starving peasants.

Wed, 05/02/2012 - 09:28 | 2390874 marcusfenix
marcusfenix's picture

I think it means the IMF needs assurances that the muslim brotherhood will not resist the Goldmen Sacks takeover, or that if they do the army will step in, declare them extremists or some such, institute emergency rule and oust whatever civilian government is trying to block the bankster conquest of North Africa.

that would be my guess.

Wed, 05/02/2012 - 09:21 | 2390861 marcusfenix
marcusfenix's picture

so if the pattern holds then NFP should print somewhere near basement level.

I wonder at what point does the media begin to feel foolish touting the endless recovery that is always just around the corner but never really kicks in.

Wed, 05/02/2012 - 09:30 | 2390882 orangegeek
orangegeek's picture

Could let Google and Apple run the country.  They have the money to finance this mess.

Wed, 05/02/2012 - 09:33 | 2390893 yogibear
yogibear's picture

Quick, more burger and fast food joints. 

Serves 2 purposes. Boost the jobs numbers and if those in the US stick to a fast food diet it kills off Americans before they reach retirement.

Change food stamps so only junk food and fast food purchases can be made. It will boost the SS fund, drug companies, medical  and the funeral industries.

 

 

Wed, 05/02/2012 - 09:40 | 2390913 ejmoosa
ejmoosa's picture

NFP around 49k for tomorrow, and it will be the last positive number of the year.

http://www.nolanchart.com/article9553-why-job-growth-will-be-turning-neg...

It's in the cards.

Wed, 05/02/2012 - 10:08 | 2391003 ElvisDog
ElvisDog's picture

You silly goose, you forget the magic of Birth/Death Model, Discouraged Workers, and Seasonal Adjustments.

Wed, 05/02/2012 - 09:45 | 2390936 spanish inquisition
spanish inquisition's picture

Been staring at this all morning and came up with a question. Q: How is it that a correlation in a planned economy is statistically insignificant? A: It would be planned to be statistically insignificant. How would I go about it? (Just a general exercise using the above graph as an example)

First create a random graph based on past parameters or general randomness. The above graph looks like a double barrel shotgun pattern forming, medium to full choke? Overlay on your graph and fit to size.

Second, as data points come in, adjust one or the other datapoint to match your random data set to elicit a response in a 3rd data set if needed.

So, to see if you have a planned statistical insignificance you would need to analyze the order of the datapoints as they are plotted (if you see the word suckers or ben was here forming) and/or compare them to a third dataset to see correlation. You could be using this to alter multiple other datasets, so it would be difficult to track. I also have not figured out how revisions play into this idea.

Just throwing that out there....

Wed, 05/02/2012 - 09:50 | 2390950 sessinpo
sessinpo's picture

ADP's number shouldn't be a surprise. If you look over the last year or so, ADP's numbers have tracked or correlated with the BLS numbers. That left many scratching their heads when they compared BLS/ADP numbers with those of gallop and other places like shadowstats.com .

Years back, ADP went through a revision. They purposely changed the way they calculate their numbers to purposely be more in line with BLS numbers. And now, as we see weekness in BLS numbers, ADP is following suit. They make an effort to have numbers in sink with BLS.

Anyway, this is short term noise as monthly numbers are. The overall trend is what is important and the last few weeks we have seen a reawakening of the true underlying economic fundamentals and these statistics coming out are the symptom of that.

Continue to expect higher stock index numbers over the next week or so. Have to get those numbers up in order to unload. Same old same old, fairly light volume on up days, short lived down days in slightly higher volume. Midddle to end of May should be more interesting.

Anyway, waiting on delivery of another 5 oz silver. Actually had some mercury dimes delivered several weeks ago. PM buying has actually sparked an interest in coin collecting, outside of just buying PM to counter fiat currency destruction. Some coins have an interesting history. My old man (now very old) collected stamps for decades before he sold his collection for about $300k a decade ago.

Wed, 05/02/2012 - 11:20 | 2391249 Its_the_economy...
Its_the_economy_stupid's picture

Good timing on the philatetic sale!

Wed, 05/02/2012 - 09:55 | 2390967 carbonmutant
carbonmutant's picture

Mayybe manufacturing employment numbers should include robots...

Wed, 05/02/2012 - 10:11 | 2391009 Zola
Zola's picture

As you would say in science, something doesnt add up so there is a mistake somewhere !!! But dont expect the BS department to do anything about that , they have long given up on scientific integrity and now just report lies and rubbish.

Wed, 05/02/2012 - 10:28 | 2391074 sessinpo
sessinpo's picture

+1000 for you

-1000 for the chickenshits that give you neg.

Wed, 05/02/2012 - 10:27 | 2391042 therearetoomany...
therearetoomanyidiots's picture

" As with the official BLS count of employment, we believe that a “payback” from warm weather earlier in the year could explain some of the slowing in the ADP measure in both March and April."

 

So now Global Warming is responsible for the dismal performance of our economy and doesn't have anything to do with the piece of shit policies of this fuck in the white house and that bastard bernanke? 

 

Prakken added: ...some evidence that unusually warm weather boosted employment during the winter months, with a “payback” now coming due." 

 

Okay, Mr. Prakken - let's see, if not for the warm winter (aka Global Warming) we would be seeing HUGE increases in hiring now, while the past 4 months would've been accurately portrayed as not providing any new jobs and more like losing more and more jobs?    Geeze....tell me something we didn't know...

 

Mmmm...mmmm....mmmm...Barack Hussein Obama (tm)

Wed, 05/02/2012 - 10:47 | 2391142 Shizzmoney
Shizzmoney's picture

The only thing this recovery has produced is fail

A report out on Monday from the International Labor Organization took a look at not just how many jobs are being created, but perhaps an even more crucial question: what kinds of jobs are being created in the aftermath of the recession. And the answer isn’t heartening. 

We’d hope that as the economy starts to pick up the pieces and dust itself off, it would do so by creating stable jobs that pay decently, putting workers on solid footing as we move out of the mess. Yet that’s not what’s going on. The ILO reports, “Since the onset of the global crisis, part-time employment has increased in two-thirds of the advanced countries [in the report], and temporary employment has increased in one-half of the countries.” This comes on the heels of a general increase in this kind of work over the past two decades. What it means is that the jobs our economic recovery is best at producing aren’t full-time – or even permanent. We may be putting people back to work, but it’s in jobs that offer little financial security.

http://www.thenation.com/blog/167662/recovery-really-good-creating-bad-jobs

Wed, 05/02/2012 - 12:00 | 2391379 LarryDavis
LarryDavis's picture

I STILL DONT FUCKING UNDERSTAND THIS........IS ANYONE WAITING FOR MANUFACTURING TO RETURN TO AMERICA? THESE NUMBERS ARE MEANINGLESS AND A TESTAMENT TO THE NOISE THAT THE WALL ST. GENERATES EACH MONTH LIKE THE CIRCUS IT IS? NOW LET'S LOOK AT THE MONKEY CAGE AND NOW OVER TO BOB PISANI. PLEASE ZERO HEDGE DO SOME SORT OF INVESTIGATION INTO SAME STORE SALES/RETAIL COMPS. WHEN YOU SEE THE ARBITRARINESS OF THE "PREDICTIONS" YOU WILL NOT BE DISAPOINTED. ENVISION A "RETAIL ANALYST" IN HER OFFICE WITH A HOROSCOPE.

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