Posted on 02/02/2011 10:18:21 AM PST by SeekAndFind
The number:
Welll, that was solid, which might be a bit of a relief in light of the weather.
Last month's huge number was revised down 50K to 247K.
Jobs were created in every category.
You can find the full report here.
Background: Here's our little amuse-bouche to get you ready for Friday's big Non-Farm Payrolls report. Analysts are looking for 145K new private sector jobs from ADP. That's way down from 297K last month, but then again, last month was wildly off the mark compared to the BLS data, so it's not clear how much weight folks will put on this number, especially in light of the weather.
As a refresher, ADP and BLS do tend to match up pretty nicely over time.
(Excerpt) Read more at businessinsider.com ...
Isn’t 187,000 about half the number necessary just to hold unemployment at the same rate?
are those part-time jobs? temp jobs?
(/MSNBC reporting)
Until they ‘revise it down’ next month
One hard and fast rule that will help you out here: Every thing this administration says is bullshit.
The ADP report is not the real jobs report. It’s extremely unreliable. Wait for Friday.
“Isn’t 187,000 about half the number necessary just to hold unemployment at the same rate?”
No, the “magic number” is closer to 150K, so this report is good news IF it holds up. And if it does, I’m not that surprised. After all, employers now know that as of January, adults were in charge of half the Congress for the first time in 4 years, that the individual under Obamacare had been declared unconstitutional in December, that House Republicans were committed to repealing the law etc. The future’s looking brighter!!!
Perchance the airhead Labor Sec. Sanchez stands at a dart board and sees what number she hits. That is breathlessly released as the unemployment number which Wall St. hangs its economic predictions on.
Whoopie!
Low-wage jobs dominated hiring so far in job market recovery
Wait a week when the real numbers come out because week after week these numbers have been revised downward.
“ADP was way wrong last month. They are in the tank for 0. Their “data” is not to be trusted.
FYI, the founder and owner of ADP is none-other than Frank Lautenberg, New Jersey Democrat U.S. Senator.
RE: Isn’t 187,000 about half the number necessary just to hold unemployment at the same rate?
It is, but the point I believe is the trend in hiring looks like it is going UPWARDS from here on.
You’re not going to suddenly get 350,000 jobs immediately in the aftermath of a severe recession.
This is encouraging news however.
RE: the founder and owner of ADP is none-other than Frank Lautenberg, New Jersey Democrat U.S. Senator.
http://en.wikipedia.org/wiki/Automatic_Data_Processing#History
From Wikipedia:
Henry Taub, a 21-year-old New Jersey accountant, founded Automatic Payrolls, Inc. in 1949, a manual payroll processing business. In 1957, the company now known as Automatic Data Processing, Inc. (ADP), introduced an automated punch card, a forerunner of the mainframe computer, with the capability of increasing efficiency and capacity for payroll processing. ADP went public in 1961 with 300 clients, 125 employees and revenues of approximately $400,000. In the next year, Brokerage Services division was developed to serve the high volume transaction needs of major stock brokerages on Wall Street. The company proceeded to offer Dealer Services to automotive dealers to handle inventory and accounting transactions.
100,000 of them are probably saying: “Would you like Fries with that?”
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.