Posted on 08/31/2011 6:30:11 AM PDT by Free Vulcan
WASHINGTON (MarketWatch) — Private-sector payrolls increased 91,000 in August, led by the service-producing sector and small businesses, according to the ADP employment report released Wednesday.
Economists were predicting the ADP figure would rise by about 100,000. The expansion for July was revised down to 109,000 from a prior estimate of 114,000...
According to ADP, service-sector employment rose 80,000 in August, compared with 11,000 for the goods-producing sector. Small-business employment rose 58,000, compared with 30,000 for medium businesses and 3,000 for large businesses.
(Excerpt) Read more at marketwatch.com ...
And as always, below the consensus, previous month revised down.
So this estimate by the end of October or so will be down to about 80,000 jobs created. After they have revised it down a couple times to what it really is.
So the question becomes, how does the market fare when the nation is bankrupt.
I suppose the answer is, more GM-like shakedowns.
Until they next revise it down...
pretty soon you will just see rage and vitriol coming from Obama and the Democrats.
“You Grrrrrreeeedy Bastards are HOARDING that cash! You’re just sitting on it. You could go out and hire people but you won’t! You’re a bunch of RAAAACISTS who are deliberately sabotaging my Presidency!”
ANY increase in private-sector jobs will be promoted as
another feather in OBAMA’S cap. See, there’d only be NINE thousand if it weren’t for Obama’s policies, whatever they are.But even 91K proves that the public sector is a little timid and not willing to get into the swing of things, or not able to ‘get with the program’ sufficiently to make OBAMA’s numbers look better. He’s got us all over a barrel.
There is not argument he can’t own.We can already hear the familiar litany from Zero: “it’s not as much as we want—we
need to do better.....”
It only covers people on the ADP payroll processing ledgers. It’s a limited statistic in that it will miss work disruptions like strikes, where people are still on the payroll but not working. For example it won’t detect the Verizon strike, and I don’t know if they correct for that in the revision or not.
It also only covers private employment, not govt so it will miss any hiring/firing there. Govts are laying off as of late so the BLS employment numbers Friday might be worse. Absent the occasional strike I do like the ADP numbers because it shows how healthy the private sector (i.e. REAL economy) is at the moment.
Which right now isn’t that healthy.
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