Skip to comments.ADP Private Jobs Plunge, Miss; Fall For Fifth Month In A Row (charts at link)
Posted on 05/01/2013 7:52:10 AM PDT by Perdogg
With the March Payroll number printing at a miserable 88K compared to ADP's 158K print, it was only a matter of time before Mark Zandi, still furious from getting the news he won't be the next GSE Tzar, revised the last month's data to 131K as he just did. Concurrently he also announced that the just released April ADP was a huge miss to expectations of 150K, printing at just 119K, or a 31K miss. This was the 5th month in a row of declines excluding the small bounce in February data. It also means that the combined miss to expectations including March (original estimate +200K) and April (estimate 150K) is precisely 100K. This excludes whatever revisions ADP will do to the April number following the even bigger looming NFP miss. Manufacturing jobs? -10,000. Oh yes, anyone looking for seasonally unadjusted ADP data, good luck - keep on looking. In short: yet another atrocious economic data point which however may need the support of the equally horrible sub-49 Mfg ISM due out shortly to take out 1600 in the S&P.
Aside for the tiny bounce in February, this would be the 5th consecutive drop in the ADP number starting with the November 276K surge, driven purely by the QE4EVA euphoria.
(Excerpt) Read more at zerohedge.com ...
It’s only going to further decline as the emerging clarity of the ramifications of Obamacare continue to unfold. The infamous words of Nancy Pelosi (”We have to pass the bill to see what’s in it”) have moved from rhetoric to reality. Business owners and employers have opened the package and aren’t liking what they’re seeing.
But... Americans wanted this. They said so in no uncertain terms when they reelected Obama in November.
This, from CNBC’s coverage of the story:
“Small businesses accounted for 50,000 of the new positions in April, but Zandi noted that the sector is seeing a slowdown likely attributable to the onset of the Affordable Care Act national healthcare plan.”
Good God, their brilliance is unmatched. /s
The official, and unfortuately widely publicized, version of this economy’s mythical rebound is manufactured by a corrupt government, an ideologically-complicit media, and those so-called experts and loosely connected entities that put personal profit and advancement over telling this country what is actually happening.
The best advice is to expect chaos, prepare for it however you can, and go about saving your assets - whatever they may be.
Quick, another stimulus package! That will solve everything.
I know... I post this video a lot, but I love it. ;-)
At the present rate, we will be negative jobs by September.
But the stock market is doing great right now, and that’s all that counts, right? In the meantime, the welfare and unemployed crowd are getting harder to hide.
Again.. How is this NEWS being portrayed by the LSM?
JOBS FOR MARCH INCREASED OVER OVER FEBRUARY!
Americans did not re-elect obama. Massive vote fraud did.
The lead paragraphs from a story previewing tomorrow’s April jobs report in which the writer can’t make up his mind how many recovery springs we’ve had now:
Another weak jobs report Friday is likely to fuel concerns that the economy is slumping for the the third straight spring. Federal spending cuts, a payroll tax hike and the health care law are blamed.
Economists are bracing for a another weak employment report Friday, a development that would solidify fears that the economy is slipping into a fourth-consecutive spring swoon.