Businesses added 119,000 jobs in March, payroll processor ADP said Wednesday, below economists’ expectations. Job growth picked up from the prior month but remained mired in a spring slowdown.
Economists’ consensus forecast was for private-sector gains of 150,000. A further sign of recent weak growth is that payroll gains in March were revised down to 131,000 from 158,000.
They’ll blame the Republicans and sequestration.
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this must not include the food stamp multiplier
happyfeet (8ce051) — 5/1/2013 @ 6:13 amIf I recall correctly, ADP hasn’t been a reliable bellwether. I’m not saying that Friday’s unemployment numbers will be good, just saying that you can’t count on ADP’s numbers for guidance.
Chuck Bartowski (11fb31) — 5/1/2013 @ 6:49 amMeanwhile, low information voters think the economy is doing great and Obama is the savior of the economy. We live in a society where most people have their heads up their ass.
CrustyB (69f730) — 5/1/2013 @ 6:55 amObjects in the rearview mirror are closer than it appears:
http://www.zerohedge.com/news/2013-04-30/nigel-farage-wholesale-violent-revolution-europe
Peter Schiff, “The crisis is imminent,” Schiff said. “I don’t think Obama is going to finish his second term without the bottom dropping out.”
gary gulrud (dd7d4e) — 5/1/2013 @ 6:58 amwholesale violent revolution may be overstating what’s possible
if what happened two years ago in the uk and more recently in greece is any kind of precursor it seems these europeans have a healthy appetite for destructive rioting but not much of a toolkit for advancing anything particularly revolutionary
european peasants are every bit as low information as our ones – there’s a reason the white boy billionaire fascists here in america had to phony up their contrived and ultimately pointless occupy thing – that sort of thing just isn’t going to happen organically
happyfeet (8ce051) — 5/1/2013 @ 7:21 amJobs? mumble mumble
Hey! Here’s an idea. Let’s close Guantanamo!
One of the top of the fold headlines in this morning’s paper– Obama: Gitmo must be closed.
The diversionary tactics used by this admin have to be increasingly transparent to pretty much everybody by now, no?
elissa (800016) — 5/1/2013 @ 7:40 am5. “wholesale violent revolution may be overstating what’s possible”
If one supposes the current state of affairs further declining seamlessly the breakout of class warfare may indeed seem too abrupt to conceive.
Remember however that Europe is much further along on the socialist hollowing out of the State. Great Britain’s armed forces number something like 70K. Belgium’s armed forces’ average age is in the late 40s.
Spain’s unemployment rate > 27%, Greece’s >29% and like Egypt people are beginning to starve.
The ingredients of socio-economic collapse took ’til 1933 to result in Nazi electoral success. Therefore, while 2013 promises to be a breakout year total war could be some years down the road.
gary gulrud (dd7d4e) — 5/1/2013 @ 8:16 amNo, Elissa, because looking behind the curtain takes a lot of courage as well as the willingness to admit one was willfully sold a bill of goods. Maybe twice, too.
Dana (292dcf) — 5/1/2013 @ 8:21 amwell this next time we need to sit tight I think
there’s just no money
happyfeet (8ce051) — 5/1/2013 @ 8:21 am9. Agreed. We and we have 500 generals and admirals whose loyalties are in question.
gary gulrud (dd7d4e) — 5/1/2013 @ 8:27 amKeep in mind that the ‘private sector’ includes companies that exist only because of government spending. As a result, a lack of hiring in the so-called private sector could have resulted from companies cutting back in anticipation of (slightly) less government money being thrown their way.
Which brings up a question: are these companies really ‘private sector’? Yes, they’re privately owned, but is a company that, for example, cleans government offices really what we think of when we think non-government?
steve (369bc6) — 5/1/2013 @ 8:30 amWe’re all not wishing hard enough.
Kevin M (bf8ad7) — 5/1/2013 @ 8:39 amUnexpected.
Teflon Dad (e29e26) — 5/1/2013 @ 8:41 amWhat we need to do is form more bureaucracies, have them promulgate new regulations and send out swarms of new officials to help private business work through the difficulties of a modern economy.
Clearly they are having trouble building it themselves.
Kevin M (bf8ad7) — 5/1/2013 @ 8:43 amDoesn’t ADP typically have a number 30-40% higher than the actual number?
Remember when the evil Bush was President, and the MFM fell all over themselves abou how 150,000 jobs were needed just to break even with population growth?
JD (32eeec) — 5/1/2013 @ 9:21 amThe prettier Dana wrote:
President Obama can whine about Guantanamo, but that’s at l;east an area in which he has some idea what he wants to do . . . even if it’s the wrong idea. When it comes to the economy, he really doesn’t have a clue what is happening, or what to do.
Of course, that’s probably the best situation for which we could hope. The very best thing we could do for the economy — other than repealing Obaminablecare, which won’t happen — is to do nothing at all, and let the economy adjust; that’s what economies (meaning: the aggregate actions of people) eventually do. The last thing we need is for the government to f(ornicate) things up yet again.
The uglier Dana (3e4784) — 5/1/2013 @ 9:52 amYou can say the same thing about the reliability of the BLS data that’ll come out on Friday. In buckets.
Steve57 (da9e0e) — 5/1/2013 @ 10:02 amMr Bartowski wrote:
The official unemployment number is based on a (supposedly) scientific household survey, while ADP, the nation’s largest payroll service, bases its numbers on data from the checks they issue for customers. Sometimes those numbers match up, and sometimes they don’t, but they are different forms of measurement, taken from different sets of data.
ADP does not do government paychecks, so their numbers automatically exclude government jobs. Since all ADP can reasonably measure are private payrolls, if the number of private sector jobs increases, while government cuts jobs — which is exactly the situation we would like to see — you are going to see a fairly wide divergence between those figures.
The economist Dana (3e4784) — 5/1/2013 @ 10:13 amTreason redefined:
http://www.breitbart.com/Big-Peace/2013/05/01/Breaking-Pentagon-Confirms-Will-Court-Martial-Soldiers-Who-Share-Christian-Faith
Nouriel Roubini yesterday said if you’re into making money trading in the markets you’ve got two years left to do so.
Permabulls took that as a green flag when obviously its a black flag.
In two years the Fed starts operating at a loss. Yes they will still be printing money but Japan and the EU will be tits up and currency will be scorned.
gary gulrud (dd7d4e) — 5/1/2013 @ 10:40 amYes, I understood that. What I said was that ADP’s numbers do not reliably predict the jobs numbers each month. And you seem to agree, since you said “sometimes the numbers match up, and sometimes they don’t”.
Not all companies process their payrolls through ADP, and ADP measures only its own activity. Now, if we had numbers from several different payroll companies, the aggregate numbers would track actual job growth more reliably.
But using only ADP to chart job growth is akin to using only Wal-Mart’s sales to chart retail sales growth: while it might provide some insight, there are other factors (such as competitors in the industry) which are not accounted for. More data points are required.
Chuck Bartowski (11fb31) — 5/1/2013 @ 10:50 amIf O wins the House, it’s all over–“it” being the welfare state and the tsunami will take a lot of innocents too.
Look at CA for inspiration: my favorite bill so far from our Dem supermajority is the Homeless Bill of Rights. America lives to support vagrants and other privileged groups.
Patricia (be0117) — 5/1/2013 @ 11:04 amI haven’t seen the word “unexpectedly” on this economic news.
Maybe they are getting used to it.
AZ Bob (7d2a2c) — 5/1/2013 @ 11:26 am
Elephant Stone (65a34b) — 5/1/2013 @ 11:35 amUnexpectedly !Puzzling numbers !I gotta yell ya, you people are something else.
Every time I visit this site, somebody’s on here complaining about the economy, or terrorism, or some such trivial nonsense.
Don’t y’all realize that it’s time to put away all of the petty, selfish concerns about employment and safety and focus on what’s REALLY important:
There is a gay professional basketball player.
If that doesn’t set your mind at ease … well, I guess there’s no hope for you.
Thanks for your time, and may God bless America.
Whitey Nisson (0a4839) — 5/1/2013 @ 12:13 pmReggie Love finally came out of the closet !!??
Is this true ?!
Elephant Stone (65a34b) — 5/1/2013 @ 12:14 pmFor AZ Bob:
“…the combined miss to expectations…”
redc1c4 (403dff) — 5/1/2013 @ 12:24 pmhttp://www.zerohedge.com/news/2013-05-01/adp-private-jobs-plunge-miss-fall-sixth-month-row
I guess they can tell the truth now that the election is long past.
JoyO (8874bf) — 5/1/2013 @ 12:41 pmwe’re doing just fine…
http://www.zerohedge.com/news/2013-05-01/just-two-recession-indicators
redc1c4 (403dff) — 5/1/2013 @ 1:14 pmRecovery Summer 2013!
http://www.zerohedge.com/news/2013-05-01/crude-inventories-surge-record-high-energy-demand-collapses
redc1c4 (403dff) — 5/1/2013 @ 1:15 pmI just stocked up on canned coffee on sale for when TSHTF. I get really cranky without coffee. When the crisis hits I don’t want to be cranky. There will be other important things to worry about and a clear head will be required when the bottom drops out.
elissa (800016) — 5/1/2013 @ 1:48 pmLook for a bad number next month.
Fed. Gov’t is shedding jobs as some workers are quitting/retiring because they are unwilling to take the 10% pay cut through furloughs.
You also have thousands of jobs being lost at government contractors this month due to job cuts since their contracts have been cut.
shipwreckedcrew (4ae072) — 5/1/2013 @ 2:26 pmThey’ve won, redc1c4. They’ve cut energy usage by regulatng us back to the pre-industrial days.
Patricia (be0117) — 5/1/2013 @ 2:55 pmlower energy use is a sign of collapsing demand, which in turn is a sign the economy is slowing, not just here, but everywhere.
people are buying less, so less replacement stock needs to be manufactured or shipped anywhere.
discretionary travel is down, as it appears are vacations, and with the cold spring, farmers haven’t started planting, etc.
redc1c4 (403dff) — 5/1/2013 @ 3:16 pmlots of interesting stories on oil/gas/energy in general available here: http://www.theoildrum.com/
redc1c4 (403dff) — 5/1/2013 @ 3:16 pm30 @ Elissa – Roasting your own beans lessens the cost and increases the quality.
mg (31009b) — 5/1/2013 @ 4:10 pmGood news!
http://www.aei-ideas.org/2013/05/the-vanishing-us-labor-force-new-study-suggests-jobless-rate-is-misleadingly-low/
Steve57 (da9e0e) — 5/1/2013 @ 5:17 pmYou can say the same thing about the reliability of the BLS data that’ll come out on Friday. In buckets.
One of the interesting “legacies” of the Obama Administration is likely to be that the initially-reported monthly new jobs numbers will end up being revised downward for something like 93 of the 96 months in which he serves as President. What an amazing coincidence.
JVW (4826a9) — 5/1/2013 @ 6:14 pmGary’s link at #19…
MD in Philly (3d3f72) — 5/1/2013 @ 7:04 pmSo, rid the military of anyone whose religious faith is important enough to them to say anything about it, including chaplains…
Somebody really does have an emperor complex, bow down to the CIC no matter whether he is upholding the Constitution or not, and if you dare to bow down to Jesus instead you are not wanted.
But if you are an Islamic Jihadist like Hasan, no problem.
The only way it is all consistent is to realize that the Judeo-Christian tradition of the West, including the role of reason, is to be repudiated.
Predictions for jobs numbers on Friday?
102,000 then revised down to 95.000 when the MFM is not paying attention.
JD (32eeec) — 5/2/2013 @ 6:17 amMeanwhile, at his last press conference, Obama revealed an astonishing ignorance of Obamacare’s regulatory complexity and effects.
SPQR (768505) — 5/2/2013 @ 6:32 amComment by SPQR (768505) — 5/2/2013 @ 6:32 am
After hearing a quote from some Dem congressperson I think I know what the next line of talking points of the Dems will be (hey, lawyers, can we copyright this so when it comes out we can have leverage or get rich or both?)-
MD in Philly (3d3f72) — 5/2/2013 @ 6:41 am“
ObamaCareThe ADA is a great law and there is nothing wrong with it. The problem is in the implementation, which has been thwarted by repub governors and a Repub Congress unwilling to provide the adequate funding…”More good knews from our governmental template, Europe.
The Bank of Ireland just doubled the mortgage interest demanded from 7% of mortgage holders.
And the ECB has given the Ok for negative rates of return on Demand Deposits.
Fuse is lit.
gary gulrud (dd7d4e) — 5/2/2013 @ 9:00 amAnd the ECB has given the Ok for negative rates of return on Demand Deposits.
Fuse is lit.
Comment by gary gulrud (dd7d4e) — 5/2/2013 @ 9:00 am
Painted Jaguar: Pardon me, but we don’t have banks in the region where I meander about next to the deep, dark, turbid meandering Amazon.
Does that mean that if some human has money in a “regular” savings account that the bank actually takes money for the privilege of storing it for you, like a non-fee-free checking account?
So you are not only losing buying power by having it get less interest than inflation, you actually have less money and even less buying power?
I predict a run on burglaries and ripped mattresses, among worse things.
Painted Jaguar (a sockpuppet) (3d3f72) — 5/2/2013 @ 9:48 am43. Those of you in Amazonia have nothing to fear from the end of human history, ‘cepting that reality show you were starring in is cancelled.
Don’t let the piranha bite.
gary gulrud (dd7d4e) — 5/2/2013 @ 10:46 amVia Instapundit:
Steve57 (da9e0e) — 5/3/2013 @ 8:03 amCNN, as is typical of them, is today reporting the ranks of the long-term unemployed are decreasing on the basis of todays report.
‘The most trusted name in BS.
gary gulrud (dd7d4e) — 5/3/2013 @ 12:50 pm“The Bank of Ireland just doubled the mortgage interest demanded from 7% of mortgage holders.”
gary – Just enforcing terms of ARMs that affect 7% of its mortgage customers in the UK according to the bank.
“BOI blames the rise on increase funding costs and the need for banks to maintain greater levels of capital. It has set up a phone line for anyone worried about the impact of the changes.
The changes affect seven per cent of BOI’s UK mortgage customers, the lender has said.
The bank said: ‘This increase is permitted by a specific clause in these mortgage contracts, which allows an increase in the interest rate differential after the guarantee period (i.e. after 31 December 2006).
‘This clause was clearly referenced in the pre-sale offer document provided to the customer and the customer’s intermediary prior to completion.’
It said customers were free to move to other providers and no early repayment charges would apply.”
Read more: http://www.dailymail.co.uk/news/article-2317872/Bank-Ireland-doubles-tracker-rate-mortgages-overnight-affecting-13-500-UK-customers.html#ixzz2SGMiF0ZX
daleyrocks (bf33e9) — 5/3/2013 @ 1:23 pmFollow us: @MailOnline on Twitter | DailyMail on Facebook
ARMs and payday loans. The mass use of these things is proof education systems have failed.
And I think the thought process is so similar to the thought process with deficit spending and abortion. “The future is not important”.
Dustin (2da3a2) — 5/3/2013 @ 1:27 pm