Thursday, July 7, 2011

ADP jobs survey encouraging

In addition to the excitement over weekly claims, the market today is also impressed with the strength of the ADP jobs survey, which rose more than twice as much as expected (+157K vs +70K). This naturally increases the chance that the official private sector jobs number released tomorrow will be stronger than expected, perhaps on the order of +160K or more. Both numbers will reinforce the notion that the much-ballyhooed economic slowdown of recent months wasn't much more than a temporary thing that had more to do with supply-chain disruptions in the wake of the Japanese tsunami and a spike in energy prices, than with the beginnings of a double-dip recession.


Benjamin Cole said...

Growth is better than contraction, but we have 7 million fewer Americans working than pre-recession.

160k net jobs created a month?

Granted, Obama inherited a train wreck into a sewage treatment plant, but this is becoming his story. Bernanke lacking resolve as well.

septizoniom said...

eye of newt, hair of bat....will you ever relent in your belief that relentless manic cheerleading is your calling? where's the calm and dispassionate evaluation of a true economist? you sound like someone on the cable money shows most of the time. very disappointed as you have a gimlet eye towards politics and liberty intrusions

TradingStrategyLetter - Weekly Summary said...

Corporate USA is in fine shape.

Great earnings, balance sheets, cash levels, low debt levels,strong manufacturing, and very powerful export picture.

An investment and business unfriendly 'redistributionist' government environment will create zero jobs forever!

This ain't rocket science!