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.

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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/au...bs-low-paying-recession-middle-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.

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'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."

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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)

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

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

is he lying?

do you deny it?

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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.

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.

Moot said:

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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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.

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

StringBean said:

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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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.

Moot said:

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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As much effect as a 2% cut in any budget would have.

That is to say, a fairly negligible effect.

StringBean said:

As much effect as a 2% cut in any budget would have.

That is to say, a fairly negligible effect.

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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.

Fisher said:

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

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No doubt the GOP would prefer a uneducated population since the polls show thats who votes for them.

Watch the construction industry. Bet you'll see that on the upswing. It is where I'm at.

Moot said:

No doubt the GOP would prefer a uneducated population since the polls show thats who votes for them.

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Quite the opposite, but of course you're a liberal so you wouldn't know that.

Taylor said:

Quite the opposite, but of course you're a liberal so you wouldn't know that.

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Then why is the GOP trying so hard to dumb down the population?

Moot said:

Then why is the GOP trying so hard to dumb down the population?

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Right, because throwing even more money at our extremely lack luster education system, coupled with even more government regulation/oversight, is going to solve all our (education) problems...

Not at all surprised concerning the jobs numbers though.

Moot said:

No doubt the GOP would prefer a uneducated population since the polls show thats who votes for them.

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Right. No we don't appeal to the Beyonce and Jay-Z idiots, the "Obama-Phones Lady", the racist who vote for him because he's black, the perpetually stoned, drunk and addicted low lifes who believed his lies.

No, by definition a Obama voter is a idiot. Low information, gullible and suceptable to a corrupt ideology.

poweRob said:

Watch the construction industry. Bet you'll see that on the upswing. It is where
I'm at.

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Construction on WHAT Rob ? You looking for a mass upswing in housing ? Commercial ?

The entire real estate market is floating in a sea of debt due to the Democrat mandates sub-prime bubble.

poweRob said:

Watch the construction industry. Bet you'll see that on the upswing. It is where I'm at.

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I was just about to post that. Construction is way down right now, but we had hell of a winter across the nation. We went from twiddling our thumbs to breakneck speed overnight. It is nice to be busy again.

And we started hiring again. White and Blue.

Moot said:

Then why is the GOP trying so hard to dumb down the population?

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They're not, that's just what Democrat politicians tell those who don't know any better.

Moot said:

No doubt the GOP would prefer a uneducated population since the polls show thats who votes for them.

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While your snobbery is much appreciated, the real problem is liberalism appeals more to idealists, and young people are naive enough to believe everything Obama says.

Fenton said:

Right. No we don't appeal to the Beyonce and Jay-Z idiots, the "Obama-Phones Lady", the racist who vote for him because he's black, the perpetually stoned, drunk and addicted low lifes who believed his lies.

No, by definition a Obama voter is a idiot. Low information, gullible and suceptable to a corrupt ideology.

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hidingrpolitics said:

While your snobbery is much appreciated, the real problem is liberalism appeals more to idealists, and young people are naive enough to believe everything Obama says.

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If thats all you have to say then my point is more than validated.

Spadesof2 said:

Right, because throwing even more money at our extremely lack luster education system, coupled with even more government regulation/oversight, is going to solve all our (education) problems...

Not at all surprised concerning the jobs numbers though.

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Are you suggesting that the conservative brain child, "No Child Left Behind" isn't working?" What a shock. Intelligent Design, hows that working out for ya? GOP congress wants to cherry pick only the science they agree with so don't be surprised when businesses want to relocate or bring in more intelligent immigrants to take your jobs. Not at all surprised concerning the job numbers, especially in conservative states.

Moot said:

Are you suggesting that the conservative brain
child, "No Child Left Behind" isn't working?" What a shock. Intelligent Design, hows that working out for ya? GOP congress wants to cherry pick only the science they agree with so don't be surprised when businesses want to relocate or bring in more intelligent immigrants to take your jobs. Not at all surprised concerning the job numbers, especially in conservative states.

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Do you make this up as you go along ? Texas is HIRING, and we're hiring Californians and Ganders. People and families that had to run away from their blue plague states because their idiot politicians pushed a corrupt ideology.

Hows Obama's economy working out for you ?

Let me guess, thats not his fault either.

Fenton said:

Do you make this up as you go along ? Texas is HIRING, and we're hiring Californians and Ganders. People and families that had to run away from their blue plague states because their idiot politicians pushed a corrupt ideology.

Hows Obama's economy working out for you ?

Let me guess, thats not his fault either.

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The sequester cuts are having their effect and you still don't get it.

The Federal Reserve has explicitly criticised budget cuts imposed by Congress, blaming fiscal policy for holding back the US's economic recovery.
After a two-day meeting, the Federal Open Markets Committee (FOMC) said on Wednesday in a statement that despite signs of recovery "fiscal policy is restraining economic growth". The statement is the FOMC's boldest assertion to date that Washington policy is hampering the US's fragile economic recovery. It stands in marked contrast to last month's more cautious statement, which said "fiscal policy has become somewhat more restrictive".
The Fed also left interest rates unchanged but said it would "closely monitor" economic and financial information in the coming months.
The Fed said: "Information received since the Federal Open Market Committee met in March suggests economic activity has been expanding at a moderate pace. Labor market conditions have shown some improvement in recent months, on balance, but the unemployment rate remains elevated. Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy is restraining economic growth."

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Federal Reserve blames Congress sequester cuts for US economic woes | Business | guardian.co.uk

iguanaman said:

The sequester cuts are having their effect and you still don't get it.

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Yes, yes they are:

Treasury to pay down debt for first time since Obama took office - The Hill's On The Money

Moot said:

No doubt the GOP would prefer a uneducated population since the polls show thats who votes for them.

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False false and false...

http://www.nytimes.com/interactive/2010/11/07/weekinreview/20101107-detailed-exitpolls.html?_r=0

Refer to this chart.

http://graphics8.nytimes.com/packages/pdf/weekinreview/20101107-rightward-march-poll-graphic.pdf

High school grad, some college and college grad were all won by a 8% margin.

Not graduating from high school and post grad won by dems. 22% swing for those not graduating high school to dems. 4% swing for those with a post grad education.