Private employers added 42,000 jobs in July, compared to a revised gain of 19,000 in June, a report by a payrolls processor showed on Wednesday. The June figure was originally reported as a gain of 13,000. The median of estimates from 33 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for a rise of 40,000 private-sector jobs in July. The ADP figures come ahead of the government's much more comprehensive labor market report on Friday, which includes both public and private sector employment. That report is expected to show a fall in overall nonfarm payrolls of 65,000 in July, based on a Reuters poll of analysts, but a rise in private payrolls of 90,000. Economists often refer to the ADP report to fine-tune their expectations for the payrolls numbers, though it is not always accurate in predicting the outcome. http://www.reuters.com/article/idUSTRE65M2WK20100804 That´s actually good news, but unfortunately not enough employment created...
ADP doesn't report salaries, to my knowledge. Jobs were in service. So retail, wholesale, food - low wage sector.
Any positive number is a good thing. Unfortunately it is quite low compared with the number lost over the past couple of years. Supports the theory that recovery will be a grind.
Thats the problem, numbers are meaningless. If you remove 100K high paying middle class jobs. And replace them with 42K McJobs then you have a problem. And Obama is spending 22Million to train people how to offshore White collar tech jobs to asia, via a new federal program.
I agree. But it's already a forgone conclusion high paying engineering and manufacturing jobs are gone (and going). Despite that, consumers will find their legs - albeit at a lower income bracket - and resume borrow and spend. It might take a few years, but it'll happen. The FED will carry banks and real estate until it does. Look at banks. FED ate the worst of their crap, then kept the discount below the 1 year, so they can avoid forced liquidation and a deflationary blowout. There's not much reason to suspect Ben will tack and change course.
And then there's this: Planned layoffs edge up in July: Challenger Wednesday August 4, 2010, 7:32 am EDT NEW YORK (Reuters) - The number of planned layoffs at U.S. firms rose 6 percent in July, marking the third straight month of increased layoffs, though downsizing activity appears to be slowing, a report on Wednesday showed. Employers announced 41,676 planned job cuts last month, up from 39,358 in June, according to the report from global outplacement consultancy Challenger, Gray & Christmas, Inc. Job losses have increased every month since falling to a seven-year low of 38,326 in April. Best I can say is we're bouncing along the bottom with good jobs being replaced with mediocre jobs. Doesn't exactly give one the warm and fuzzies.