This page has been archived and commenting is disabled.
ADP Says Better Than Expected 176K Private Jobs Added, Of Which Only 4,000 Manufactuing Jobs
The ADP Private jobs report is out, and in June America allegedly created 176K private jobs, better than expectations of 100K, and up from last month's 136K revised print. What hasn't changed is the continued lack of correlation between the ADP and the NFP report, nor the ongoing deterioration in claims. More importantly, Obama's promise of doubling US exports in 5 years from 2 years ago may be in jeopardy, since of the 176,000K extra jobs created, a whopping 4K was in manufacturing, the rest, or 160,000K, was service jobs.
ADP vs NFP via Reuters:
And from the report:
Employment in the U.S. nonfarm private business sector increased by 176,000 from May to June, on a seasonally adjusted basis. The estimated gain from April to May was revised up slightly, from the initial estimate of 133,000 to a revised estimate of 136,000.
Employment in the private, service-providing sector rose 160,000 in June, after rising a revised 137,000 in May. Employment in the private, goods-producing sector added 16,000 jobs in June.
Manufacturing employment added 4,000, reversing May’s decline.
Employment on large payrolls—those with 500 or more workers—increased 11,000 and employment on medium payrolls—those with 50 to 499 workers—rose 72,000 in June.
Employment on small payrolls—those with up to 49 workers—rose 93,000 that same period. Of the 72,000 jobs created by medium- sized payrolls, 7,000 jobs were created by the goodsproducing sector and 65,000 jobs were created by the service-providing sector.
Construction employment rose by 8,000 jobs, more than reversing the declines of the two previous months. The acceleration of employment since April does lend credence to the argument that unseasonably warm weather boosted employment during the winter months, with a “payback” spread over April and May.
The financial services sector added 11,000 jobs from May to June, extending this sector’s consecutive advances to eleven months.
At least Libor-manipulating banks are hiring.
»
- 4699 reads
- Printer-friendly version
- Send to friend
- advertisements -
does obama count fraud as an export? if so, he may already be there.
We'll have to check the revisions.......we'll get back to you much much later.
Next Thursday. Fixed it for ya'
- Ned
Anecdote: my 17 year old son got a summer lifeguard job in early June paying $10 per hour. He's saving his money to buy a car next year after graduation. Looking at his paystub, it's processed by ADP. So yes he has a job, yes it pays very little, yes he's not spending a penny of it and YES it counts in that monthly ADP report of service jobs......
Take that FWIW.....
Fluffers? Internet porn's the only sector that's not showing signs of softening in this country.
New commercial building going up near me.
Nice to see that.
Will be interesting to see if a tenant moves in right away.
Lots of commercial space for sale and rent nearby.
The ghosts will be pleased to hear that.
Lots of commercial space for sale and rent nearby.
.....and growing exponentially by the day.
overall shouldnt this be considered good news
It is.....if you like Koolaid.
Can I have some fries with that?
"Every quarter astronomical number of boots were produced on paper, while perhaps half the population of Oceania went barefoot".
Never mind. The algo is out to damage precious metals....Can someone remember a day when gold lost $20/oz with the announcements of a 25bps cut in ECB rate, 25bps cut in China, GBP50BN in QE out of UK? How pathetic is this? Anyway, this only encourages me to buy more....(am I a sadomasochist for that? or will I look smarter when US Treasuries are downgraded and the repo market collapses?)
Never mind. The algo is out to damage precious metals..
Your government at work.....trash PMs with public printed dollars so they can buy with private funds....rinse are repeat as long as it works.
Retail fireworks sales jobs and special events crews
How many of the service jobs where hand fan attendants, ice cube servers, etc? I mean it's hot and that's a way to correlate with the weather.
Or part time forest fire fighters...and I mean that with all due respect and honor to those who do that - they aren't paid enought if paid at all.
Pete
Help Wanted:
McDonalds -- part-time counter help
Wendys -- part-time counter help
Walmart -- part-time greeter
Sunshine Car Wash -- Full-Time rag jockey
...
...
...
The New Normal LMFAO
Stcoks to fall as there will be no QE with these numbers.
My daughter got a "service job" in June waiting tables at a legit restaurant. Her income "might" pay for the gas to get there and back....
Thats too bad rock, it is relative though. I don't say this to cause grieve but just to demonstrate it's not like that everywhere. My daughter gota waitress job at a chain restaurant and she is averaging about 14.50 an hour whith her tips. Sometimes on fridays and saturdays she comes home with 200 bucks per day.
If you got higher end restaurants around she should try those.
Most were hired into companies with less than 49 employees.
Andy, please adjust the rates for this next press release on jobs, better make'em feel ok for what's comming next.
Well you know, they did it for Libor...
I am not getting that tingly feel good feeling.
YEAY for QE3! Oh, wait....
Would you like fries with that??
They should stop ADP from reporting, they are always wrong and usually overstate the employment picture. Even a broke clock shows the correct time twice a day, while ADP to my memory hasn't been correct once in the last...well. ever. On the flip side it seems in today's world, if you are wrong the first couple times, you get to keep trying ***stares at Ben Bernanke ***
Momma don't take my ADP away.
When I think back on all the crap I learned on Wall Street...it's a wonder I can think at all.
http://www.youtube.com/watch?v=wZpaNJqF4po
In your view ADP is wrong because it doesn't match up with NFP? Think about that statement for a minute. Maybe its the opposite? I'll trust numbers from a firm that procesess almost 1 in 5 paychecks for US workers over a government bureaucracy that changes algorithms on the fly.
Think about a firm that processes 1 in 5 paychecks that applies that data to the entire US economy. Yep, not very trustworthy anymore.
When are we going to see the futures markets cornered, destroyed, to end PM manipulation???
When will ADP get with the program like car manufactures have done with sales/inventory numbers and any person that applies for a job is considered hired.
We could be creating a million jobs a month.
Chrysler dealer inventory up 16% YoY
I fully expect stackable cars to make better use of lot space before this is through.
*Cough Bullshit.
http://www.shadowstats.com/
Haha! Sure!
No, see, our baristas will pour coffees that are then Fedexed to Japan - two service jobs increasing exports right there. Don't be such cynics.
Bean Delivery Index
FRIES ARE UP!
Til I turn blue: aggregate income is more important than number of bodies in servitude.
Barry can double exports but he will have to follow Larry Summers advice to weaken the dollar considerably...that's hard to do now that the euro is crumbling before our eyes.
Every June millions of high school and college kids go out to get minimum wage service jobs to make some money to pay for the folowing school year.
160k jobs isn't even worth mentioning considering the number of people seeking employment this time of year.
Millions of the jobs that would have been taken by the high schoolers, are actually now held by people with masters degrees. Yep that guy running the rideat Cedar Point has an advanced engineering degree, at least he's working with machinery.
They are starting to include blow jobs in the stats.