This page has been archived and commenting is disabled.
Irrelevant ADP Report Gyrates Epileptically, Misses Expectations, Sees 9,000 Financial Jobs Added In January
The highly irrelevant economic noise that is the ADP private payrolls indicator has come in form the month of January, and printed at nearly half of the December number of 325K, which was revised lower to 292K, at 170K, on expectations of 182K. We should be the last to tell readers that anything this unbearably noisy series says is beyond meaningless, but since someone follows it, it bears noting that this was the weakest number since October 2011. Furthermore, with the NFP virtually guaranteed to be a miss for a variety of reasons, this is merely the latest confirmation that economist expectations of the economic recovery ramping up, were short sighted - after all the Chairman has an agenda. Yet what makes this report a total mockery is that in the month in which banks, and the FIRE industry in general, was firing left and right, ADP saw 9K people in financial services added to private payrolls. Ironically the financial jobs "added" were almost as many as the manufacturing jobs, at +10K in January. Who says America is not a manufacturing juggernaut and only exports weapons of financial mass destruction?
Breakdown:
From the report:
Employment in the private, service-providing sector rose 152,000 in January, and employment in the private, goods-producing sector increased 18,000 in January, while manufacturing employment increased 10,000.
Employment on large payrolls—those with 500 or more workers—increased 3,000, and employment on medium payrolls—those with 50 to 499 workers—rose 72,000 in January.
Employment on small payrolls—those with up to 49 workers—rose 95,000 that same period. Of the 95,000 jobs created by small businesses, 11,000 jobs were created by the goods-producing sector and 84,000 jobs were created by the service-producing sector.
Employment in the construction industry increased 2,000 this month, which is down from an increase of 27,000 in December. Employment in the financial services sector increased 9,000 in January, which is up from an increase of 1,000 in December, and represents the largest gain in two years.
According to Joel Prakken, Chairman of Macroeconomic Advisers, LLC, “Labor market conditions continue to improve at a moderate pace. Today’s report marks the twenty-fourth consecutive monthly gain in private employment as measured in the ADP National Employment Report. This pick-up is consistent with the recent acceleration of the nation’s Gross Domestic Product which, in the fourth quarter, grew at 2.8 percent—the fastest pace since second quarter of 2010,” Prakken said.
Prakken continued: “Other indicators suggest some firming of labor market conditions as well, including the downward trend in unemployment claims, upturns in the components of consumer sentiment and confidence influenced by perceptions about the availability of jobs, and a rising trend in workers voluntary quitting their jobs.
“Employment grew in all the major sectors of the economy tracked in The Report, and across payrolls of almost all sizes. Employment on medium payrolls—those with 50 to 499 workers—rose 72,000 in January. Employment on large payrolls—those with 500 or more workers—increased 3,000 during that same period, but did decline slightly in the manufacturing sector,” Prakken noted.
- 4039 reads
- Printer-friendly version
- Send to friend
- advertisements -




More bankers, bitchez!
This is not a statistic.......its a pretty chart....service providing sector..must be hookers...needing a little extra cash I suppose....or maybe its the Couriers again...those millions of couriers out there..
9000 finance jobs?
Equities in dallas must be booming.
9000 jobs...all to put the Facbook IPO together. This will drop to -9000 on 2/2/12.
We already have an overload of BMWs and Mercedes Benz in Dallas!!
Wow. So the mis-allocation of capital continues. Got physical assets of real value? You better get them while the paper still has purchasing power. Makes sense. Those with access to all the free money keeping the system afloat need bankers to look after these trillions, next up quadrillions and the hyper deflationary-inflationary depression. One country with SNAP cards for all, wining!
You can't hit the "sell" button whilst in an epileptic fit. Bullish.
MF global goes BK and we get a postive 9000 in finance jobs..pull the other finger.
Let me get this straight...MAN and MWW whiffed, ADP pre-announced to the downside and PAYX guided lower in December citing soft new client growth and the labor market is...ahem..."Steve Leisman-esq" favorable? Sure!
Let me get this straight...MAN and MWW whiffed, ADP pre-announced to the downside and PAYX guided lower in December citing soft new client growth and the labor market is...ahem..."Steve Leisman-esq" favorable? Sure!
Minitruth.
9,000 Foreclosure Agents. 2012 will be the Year of the Eviction. Bullish for living spaces under bridges and cardboard box makers.
One of my customers holds the contract on service work for a major paper/corrugated company. I fabricate sheet metal fittings and duct, etc, he runs, as I said, a HVAC company. He always found over the last 15 or so years, that the corrugated plant is a reliable indicator of where the economy is heading. When he goes there and they are running full shifts seven days a week the economy has always been headed up. When the current downturn began he warned me about it earlier than most because he saw them dropping to half shifts, being closed on sat and sun, taking long weekends etc. Now he tells me they are running full tilt, busiest he's seen them in along time. I couldn't square that with what is going on around us...... but you raise an excellent point. People need boxes to move their stuff when they get fired/forclosed on. And then they need cover from the elements. Corrugated cardboard, the new prefab-home.
I was actually just kidding. But you're right, box production has to be a great leading indicator. And of course it depends on who is consuming the boxes. Intriguing.
I like Intriguing boxes. ;)
Isn´t it kind of funny today....there is nothing about Greece......its all Facebook, elections, Amazon....whatever....so I guess all is good on the Western front...lol
Isn´t it kind of funny today....there is nothing about Greece......its all Facebook, elections, Amazon....whatever....so I guess all is good on the Western front...lol
Nothing like a 10% initial revision.
9000 finance jobs might be H&R Block gearing up for tax season.
Actually January's a typically horrific month for ADP so maybe... just maybe...
The one thing I've learned over the past few years is that the numbers are meaningless and have NO effect on the stock market.