This page has been archived and commenting is disabled.
ADP Reports 216K Private Payrolls Added, On Top Of 215K Expectation
The traditionally C-grade, and very noisy ADP number, has printed at a 216K private payrolls added, on expectations of 215K, or precisely in line, even as the January print was revised modestly higher from 170K to 173K. Of course, since the track record of the ADP as a NFP predictor is absolutely atrocious, and when one adds that the ADP had its annual revision take place today, this number is all about seasonal adjustments as was the BLS January print. What was amusing is that not only were finance jobs added (+14k), but so were manufacturing (+14K) and construction (+16K) jobs.
All about the annual revision:
From the Press Release:
"This month’s employment gains in The ADP National Employment Report continue to be solid, with job growth averaging just over 200,000 for the past five months," said Carlos Rodriguez, President and CEO of ADP. ?Also, for February, virtually every sector of the economy added jobs – something I hope will continue for the rest of 2012."
According to Joel Prakken, Chairman of Macroeconomic Advisers, LLC, "The last three monthly gains in employment shown in the ADP National Employment Report have averaged 223,000, compared to 156,000 per month over all of 2011. This pick-up is consistent with the recent acceleration of the nation’s gross domestic product which, in the fourth quarter, grew at the fastest pace (3.0 percent) since second quarter of 2010.
February’s increase marks the twenty-fifth consecutive monthly gain in private employment as measured in the ADP Report and suggests that the national unemployment rate may have declined slightly last month," Prakken said.
Prakken continued: "Conditions continue to improve at a moderate pace and are consistent with other indicators suggesting some firming of the labor market.
"Employment grew in all the major sectors of the economy tracked in The Report, and across payrolls of all sizes. Employment on medium payrolls—those with 50 to 499 workers—rose 88,000 in February. Employment on large payrolls—those with 500 or more workers—increased 20,000 during that same period,? Prakken noted.
From the report:
Employment in the private, service-providing sector rose 170,000 in February, and employment in the private, goods-producing sector increased 46,000 in February. Manufacturing employment increased 21,000.
Employment on large payrolls—those with 500 or more workers—increased 20,000, and employment on medium payrolls—those with 50 to 499 workers—rose 88,000 in February.
Employment on small payrolls—those with up to 49 workers—rose 108,000 that same period. Of the 108,000 jobs created by small businesses, 18,000 jobs were created by the goodsproducing sector and 90,000 jobs were created by the service-producing sector.
Employment in the construction industry grew by 16,000 in February, marking the fifth consecutive monthly gain in this sector.
Employment in the financial services sector increased 14,000 in January, marking the seventh consecutive and largest monthly gain over the last two years.
»
- 5867 reads
- Printer-friendly version
- Send to friend
- advertisements -
bullish!
bullishit!
Fade!
Yes, we know, all good news is really bad news.
All good news is fake news. Actually, all news is fake news. Everything is BS.
All made up. Strongest contrarian signal that all is not well in the USA. They can bullshit till the cows come home, but it won't change a thing and only make the final collapse worse, because all the sheeple will get caught unawares.
Most sheeples don't want to know the truth. Chronic denial leads to life in a make believe world which is easier to handle than reality. I am glad places like ZH point towards what is really happening.
Gold dont look too good here. Might be getting siiiiiick
Silver looks like wet puke at Dodger stadium men's room floor
All is declared 'well', therefore we dont need any money printing, or barbaric gold relics. Enjoy.
You might be to enjoy a hairy burro on occasion?
"ADP number beats expectations"
that is all....
EDIT:
Reuters
The pace of job creation by private employers accelerated more than expected in February, a report by a payrolls processor showed on Wednesday.
Wait a minute, Finance jobs were added? BWHAAA HAAAAAA, where and when did this fairy tale happen? Smells like BULLSHIT to me....
Did they say finance? They meant bankruptcy.
Uh, yeah, 14,000 new jobs in the financial service sector at a time when the banks are shedding traders and loan officers faster than Rick Santorum's loose lips.
What I liked were two data points:
170,000 service jobs and only 20,000 jobs created by large firms. Epic fail. Lots of temp hires and "seasonally adjusted" mid-level managers.
Could have been HR Block and the various tax service companies.
We are at war with eurasia, we have always been at war with eurasia......
I see something and now I say something!
Thought crime in progress!
better to be at war with eurasia, than euranus!!!
finance jobs were low level accountants at GE trying to get the tax bill to a negative number for rebate- Winning
I can hear Charlie Sheen now "LYYYIIINNNGGG"
16,000 newly added construction jobs? Total bold faced lie.
I wonder if the bulk of the construction jobs were temporary hires due to warmer-than-normal temperatures across the U.S.?
Where? Who is building anything? No one I know of.
FEMA tents
our lord and slave master ohbama has created close to 200000 jobs a month in easter bunnies. republicans are outraged and demand that the hair club for men shutdown or add jeeeeeezuz
But... manufacturing (+14K)
Boehner, Barney Frank and that complete Moron Orrin Hatch added +14k manufacturing jobs in the Orange Man-Tan industry...
Obama Bin Lyin' could only be so lucky...
Dog hits it right---------- there cannot be added construction jobs! and certainly not 16k.
Talked with an ATT installer who had been a carpenter for 22 years----works 60 hrs a week when there are installs--said it puts food on the table and that is all--no installs = no work. Looks like anything/everything is now included in production numbers, included would be tacos--burgers--irs returns--snap card applications--etc---
WHAT an ILLUSION everything has become.
"Total bold faced lie."
Bald faced lie, Sheepy...
Academic Interest
I like to study lies, liars, statistical lies, lying politicians, lying corporate whore media bitches, lying real estate industry dildos and lying Wall Street douche bags...
Among others...
Time for oil to start moving back up again, it's rally time for black gold.
Zzzzpringtime for ObaMao, and U S A! Wheeeeeeeeee!!
The ONLY thing matters is tax receipts coming in. Until they start lying about that number too. You can't trust anything else.
All these "reports" filtered through the Great Centrifuge need to be called what they are: campaign speeches.
I bet the great cetrifuge is the reason then that my ass hurts and has smoke leaking from it on a daily basis. Friday the BLS will unleash their version of the jobs report which should be a hoot. I wonder how many they will yank from the AWF this month to make the figures look good to idiots?
BLS = BS NOT EVEN ENOUGH TO KEEP UP WITH DEATH/BIRTH RATIO...MAYBE IN 20 YEARS WE'LL GET BACK WHAT WAS LOST IN 2007-8 ...LMAO
There's an .9185 correlation between year over year profit growth and private sector job growth the following five quarters.
THe bad news is that that year over year profit growth is falling rather rapidly.
So enjoy this uptick in hiring while it lasts...
Manufacturing up? Huh! Oh I see, they now declare that assembling a Big Mac, is Manufacturing/Construction.
Rock on!