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Thread: Spring Slowdown Paints Ugly Picture For Jobs: ADP

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    Spring Slowdown Paints Ugly Picture For Jobs: ADP

    today, cnbc:

    The gloomy news continued for jobs as ADP reported Wednesday that private companies created just 119,000 new positions in April.

    That was well below expectations and confirmation that the labor market is slowing heading into late spring and early summer.

    Economists surveyed by Reuters expected the ADP report to show the private sector created 150,000 jobs in April, down from 158,000 in March.

    "Nearly every industry has seen slower growth since the beginning of the year," Moody's economist Mark Zandi said on CNBC. "Smaller businesses are experiencing much weaker growth."

    Moody's Analytics conducts the survey in conjunction with ADP.

    The report comes two days before the government releases its nonfarm payrolls growth count for April. Economists recently have been nudging down their projections, which are pegged around 150,000 after March's dismal 88,000 reading.
    Spring Slowdown Paints Ugly Picture for Jobs: ADP/cnbc

    well below expectations, confirmation the labor market is slowing, nearly every industry, small business especially...

    doom and gloom, brought to you in drab color by cnbc

    heading into friday's bls, the last one was abysmal, march's jobs report showed that 6 times as many of our neighbors and friends dropped out of the workforce, gave up looking altogether, as actually got one of those minimum wage type jobs the obama economy is anemically producing

    March Jobs Report: U.S. Economy Adds 88,000 Jobs; Unemployment Rate Down To 7.6 Percent/huffpo

    yes, the latimes reported last september that 58% of the way-too-few jobs created under barack hussein pull down between 8 and 12 dollars per hour

    http://articles.latimes.com/2012/aug...class-20120831

    after all the stimulus, after almost four trillion dollars of quantitative easing...

    we're still a hiccup away from double dip

    the labor participation rate is 63.3, lowest since smiling jimmy carter

    zandi---"the data seem to be suggesting health care is having an impact"

    is he lying?

    do you deny it?

    back to cnbc, also today:

    GDP growth is in the midst of its longest sub-3 percent annual growth rate since 1929, the beginning of the Great Depression, according to Bespoke Investment Group. The economy hasn't topped 3 percent since 2005—before Federal Reserve Chairman Ben Bernanke took over—and is unlikely to do so this year.

    Though employment has risen by 1.3 million over the past year, unemployment that counts the discouraged and underemployed, as well as the jobless (often called the "real" unemployment rate) has remained stubbornly high, at 13.8 percent of the workforce, according to the most recent count.

    In fact, a state-by-state look at the numbers, released a few days ago and current through the first quarter, shows that just six states have real rates below 10 percent.
    'Real' Jobless Rate Still Above 10% In Most States/cnbc

    "worst economy in 83 years"

    "revenue collections have been nearly stagnant over the past six years---a metric that as much as anything else outside of employment indicates true growth, or the lack thereof---and that has come as public debt has soared by $7 trillion"

    "the pace of employment growth is anemic"

    ap today:

    A private survey shows U.S. companies added just 119,000 jobs in April, the fewest in seven months.

    The report Wednesday from payroll processor ADP suggests that government spending cuts and higher taxes could be starting to weigh on the job market. And new requirements under President Barack Obama's health care law may be prompting some small and mid-size companies to hold back on hiring.

    The slowdown in April was broad-based. Manufacturers cut 10,000 jobs, while firms in the service sector added the fewest in seven months. Construction firms added 15,000 jobs.

    Zandi said that hiring is being affected by an increase in Social Security taxes at the beginning of the year and across-the-board spending cuts that kicked in March 1. Along with higher taxes on wealthier Americans, which also took effect Jan. 1, the tax increases and spending cuts could subtract 1.5 percentage points from growth this year, he said.

    That's the biggest government drag on the economy since the end of World War II, he said.

    Health care reform may also be a reason some employers are holding back, Zandi said. Companies with 50 or more employees in 2013 have to provide insurance for their workers next year.

    Firms with 20 to 49 employees have cut hiring for three straight months, from 53,000 in January to just 17,000 last month.

    Hiring has also slowed in restaurants, hotels and retailers. Zandi said those are industries where health care coverage is generally lower.

    Zandi said he would like to see more data before drawing a firm conclusion, but it "feels like health care is having an impact."
    News from The Associated Press

    ap's conclusion---"most economists expect growth is slowing in the current quarter and will stay weak into the fall"

    expectations for friday were a pathetic 160K, they're now heading toward 125 (says ap)

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    Re: Spring Slowdown Paints Ugly Picture For Jobs: ADP

    Great news for those about to graduate High School and College. They voted for him and getting their big payoff

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    Re: Spring Slowdown Paints Ugly Picture For Jobs: ADP

    zandi---"the data seem to be suggesting health care is having an impact"

    is he lying?

    do you deny it?
    Obamacare hasn't kicked in yet and some states aren't even going to participate. So if healthcare is having an impact then it's probably because so many people still don't have health insurance and healthcare costs are still skyrocketing.

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    Re: Spring Slowdown Paints Ugly Picture For Jobs: ADP

    More than enough proof of the Republicans obstructionism. If they'd honor their moral obligation to work with the President and the Democrats, America would be well on the way to recovery. Instead, everything they do is designed to serve the ideological extremism and their rich masters.
    Proud to be a tax and spend leftist.

    Proud supporter of the real Second Amendment.

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    Re: Spring Slowdown Paints Ugly Picture For Jobs: ADP

    Quote Originally Posted by Moot View Post
    Obamacare hasn't kicked in yet and some states aren't even going to participate. So if healthcare is having an impact then it's probably because so many people still don't have health insurance and healthcare costs are still skyrocketing.
    Nonsense. Businesses are cutting back hours for employees, are reluctant to hire new full-time employees (since they have to provide insurance to them), and are having to deal with the added expense of legal interpretation of all relevant aspects of the 2,000-page leviathan. This is just the beginning of the storm.

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    Re: Spring Slowdown Paints Ugly Picture For Jobs: ADP

    Ah man! I'm sorry, but this is depressing news even if most of us did see it coming.

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    Re: Spring Slowdown Paints Ugly Picture For Jobs: ADP

    Quote Originally Posted by StringBean View Post
    Nonsense. Businesses are cutting back hours for employees, are reluctant to hire new full-time employees (since they have to provide insurance to them), and are having to deal with the added expense of legal interpretation of all relevant aspects of the 2,000-page leviathan. This is just the beginning of the storm.
    So would you say the sequester is having an effect?

    It's the government that is cutting back and since that's what conservatives wanted...I hope they aren't the ones complaining.

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    Re: Spring Slowdown Paints Ugly Picture For Jobs: ADP

    Quote Originally Posted by Moot View Post
    So would you say the sequester is having an effect?

    It's the government that is cutting back and since that's what conservatives wanted...I hope they aren't the ones complaining.
    As much effect as a 2% cut in any budget would have.

    That is to say, a fairly negligible effect.

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    Re: Spring Slowdown Paints Ugly Picture For Jobs: ADP

    Quote Originally Posted by StringBean View Post
    As much effect as a 2% cut in any budget would have.

    That is to say, a fairly negligible effect.
    Your claim about insurance is bogus since most businesses were providing health insurance to their employees long before Obama got into office and Obamacare will have little effect on them.

    The government is the largest employer in the country so to say the effect of the sequester will be "fairly neglible" is also bogus. The DoD is the largest employer in my state as well and they've cut back employee hours and laid off hundreds of civilian employees. Utah also has a very large small business population that heavily depends on those government employees spending their paychecks in their establishments. Now with the sequester taking effect, everyone is cutting back on spending which hurts everyone across the board.
    Last edited by Moot; 05-01-13 at 08:28 PM.

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    Re: Spring Slowdown Paints Ugly Picture For Jobs: ADP

    Quote Originally Posted by Fisher View Post
    Great news for those about to graduate High School and College. They voted for him and getting their big payoff
    No doubt the GOP would prefer a uneducated population since the polls show thats who votes for them.

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