ADP reports 532,000 May job cuts

Biz Journal ^ | 6/3/09 | Tucker Echols

[Kartographer]

Although there have been signs that the economy is improving, employers still appear to be focused on cost-cutting.

Payroll firm ADP reported Wednesday that companies in the U.S. cut an estimated 532,000 workers from payrolls last month. ADP also revised higher its estimate of cuts in April to 545,000 from the previous estimate of 491,000.

[Kartographer]

"Foreman says these jobs are going boys and they ain't coming back to your hometown"

[kromike]

“You ain’t see nuthin’ yet!”

[grayhog]

The larger story on this report was the revison of April’s data. When that came out last month, it was much more benign than people expected and Wall St. and the talking heads all pointed to it as a “green shoot”. Looks like that green shoot was just dead grass painted green.

We have big unemployment on the way. We should easily break 10% over the next few months.

[Nathan Zachary]

"Although there have been signs that the Obama worshiping media has been saying the economy is improving, employers still appear to be focused on cost-cutting.

Fixed.

[griswold3]

http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090603/REG/906039984

The United States shed an estimated 579,000 jobs in May, according to research released today by TrimTabs Investment Research.

[DonaldC]

Can you imagine what they would be saying if a repub was president?

[tcrlaf]

And so many of them are UNION MEMBERS, who voted lock-step for the Democrats because they were told to.

In many ways, we are facing a period of deserved poetic Justice.

11 Million of the dumbed-down American populace will watch “I’m a Celebrity! Get me Out Of Here!”, but won’t pay attention to what is happening to the world around them.

[TSgt]

We have big unemployment on the way. We should easily break 10% over the next few months.

LOL! I recall a recent IMF? report that stated unemployment would be at 10% by the end of the year. We'll be at 10% by the 4th of July!

[Sig Sauer P220]

Hey thats GOOD news because it was over 600,000 last month, wasn’t it?

[algernonpj]

LOL! I recall a recent IMF? report that stated unemployment would be at 10% by the end of the year. We'll be at 10% by the 4th of July!

Better yet, the number everyone is talking about is U3, the most restrictive count of unemployment.

Under Clinton / Greenspan 'improvements' were made, so that what was then U3 is now U6. U6 is just shy of 16%.

Unemployment as calculated in 1985 is ~20%.

http://www.shadowstats.com/alternate_data

[blueyon]

“Can you imagine what they would be saying if a repub was president?”

The lying hypocrites won’t say a think about it and the Sheep will not even know.

[Dianna]

Hey thats GOOD news because it was over 600,000 last month, wasn’t it?

Depends. I'm not sure we're comparing groups of officially released numbers. In any case, IIRC, we lost roughly 650,000 per month for several months. Then we saw a dip in that number last month. Shortly afterward we found that the government had hired a massive number of workers.

If the unemployed number is lower and again coupled with massive government hiring, we aren't gaining any traction.