WASHINGTON (MarketWatch) -- Private-sector employment in the United States fell by 491,000 jobs in April, according to the ADP employment index released Wednesday. The March number was revised higher to a decline of 708,000 from a decline of 742,000. The index comes two days before the government releases its estimate of April nonfarm payrolls. Economists are looking for payrolls to drop by 580,000 in the government survey, which would be the smallest decline since October LOL !
The ADP numbers are seldom close to the gov. numbers, as you never know what the birth/death fudge factor will be. CNBS justs uses these numbers as another cheerleading occasion, which may be good or bad.
The numbers are irrelevant, just as the BAC capital numbers are irrelevant. Money is being printed and the rules are changed daily. Its party time. Hop on board or get left behind.
This result was supposedly good for the USD, but instead the EUR/USD rallied. Maybe the market is anticipating big inflation coming (I know I am). As employment numbers improve, all this cheap money and cheap goods (housing, etc) will catch up.
Well to the extend that GDP and employment are correlated these numbers are totally justified. There wont be -6% declines forever, estimates for this Q are calling for a smaller decline(a few are estimating gains) thefore less jobs will be lost. Peak layoff numbers are likely to be behind us, no manipulation here
The markets will fall flat after the cash open. All the action has occured. Futures down 1.00% to up 1.00%. All the boobs waiting for the cash open will get to trade a 50 point dow range all day.