ADP employment index shows 693,000 jobs lost in December

Discussion in 'Wall St. News' started by ASusilovic, Jan 7, 2009.

  1. WASHINGTON (MarketWatch) -- U.S. private-sector firms shed 693,000 jobs in December, far worse than expected, according to the ADP employment index released Wednesday. Employment in the services sector fell by 473,000, while employment in the goods-producing sectors fell by 220,000. The methodology for the ADP index has been revised with the aim of making it a better fit with the government figures to be released on Friday. Economists currently expect nonfarm payrolls to have fallen by 500,000 in December

    We should see a rally of 3 % today:)
  2. lol
  3. How much did the Gummint sector increase?
  4. They'll make a 100% revision once Friday's number comes out.
  5. Numbers are up 275% from Dec 07, HUMMM?

    Two things are possible: 1. That Dec was the "capitualtion" of jobs and that numbers going forward will be more steady and less eventful.

    2. DEPRESSION is real and that DEC is just the start of a jobless decline heading to 20% before end of year.
  6. Bondtrader, Good point. The Gov. numbers are so far off, they miss the mark every time. Add about 20-30% more on to those numbers. Then they might reflect the true %.

    Shadow Goverment .com has some interesting data.
  7. The news tomorrow will be : the worst is over. Merrill expects S&P 1070 in 3 Q.
  8. IMO those numbers do not reflect capitulation, nor is it just the start. We're mid-point. I expect come Feb. we'll see the Jan. numbers near 1 million and then slowly retrace the remainder of the near. There will be no job growth this year.
  9. If the market doesn't get slammed for 5% between today and Friday's report, expect the usual asshats to be out and about claiming the news is baked in.
  10. the news is baked in
    #10     Jan 7, 2009