Horrible Job/Econom Data Continues:ADP Plunges to 38K On Expectations of 175K;Downward NFP Revisions

[stockholmer]

http://www.zerohedge.com/article/horrible-economic-data-continues-adp-plunges-38k-expectations-175k-downward-nfp-revisions-ne



"The latest economic data is out and it is horrendous: with expectations for the ADP employment number to come at 175K, following a downward revised 177K print previously, it tumbled to a puny 38K in May.

While this number is extremely irrelevant in terms of correlating to the actual NFP number due out this Friday, expect to see a spate of downward NFP revisions on this latest confirmation that the US economy has stalled even with QE2 still in effect for another 29 days (and soon to be extended).

From the report: "Today’s ADP National Employment Report suggests that employment growth slowed sharply in May. Employment in the nonfarm private-business sector rose 38,000 from April to May on a seasonally adjusted basis. A deceleration in employment, while disappointing, is not entirely surprising. In the first quarter, GDP grew at only a 1.8% rate and only about 2¼% over the last four quarters. This is below most economists’ estimate of the economy’s potential growth rate and normally would be associated with very weak growth of employment." Precisely as expected by Zero Hedge............

snip


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Economic Death Spiral For Main Street....

http://www.youtube.com/watch?v=D5V76Wq_3Cs&feature=uploademail

[OHdem10]

1. This is what happens when the policy of one party is so similar

to the other party just kinder and gentler.

It all started way back at the beginning of the new administration.
Sommers Romer and Geithner all asked for a trillion dollar
stimulus. The Democratic Deficit Hawks denied their request
and instead approved SEVEN HUNDRED MILLION. Congress controls
the purse. Therefore from the get go, not enough stimulus.

In the last round Geithner asked for more stimulus because
the recovery was shaky. NO DEAL From REPUBLICANS and some
Democratic Deficit Hawks. This was so serious BERNANKE, having
recommended further stimulus was forced to go to QE-2 to keep
money moving through the economy. Naturally, this helped
Wall St maore than Main Street but it kept us afloat.
The Stimulus would have been much more effective because
this would have been money moving through Main Street.

Yes Stimulus Spending is a Liberal but effective approach
used during serious recessions. However, our Party took
the Republican Light Approach assisting and affirming
the Conservative Agenda. No surprise, we are in a mess
again. You cannot continue the Republican Agenda and
expect anything different. CUT, CUT, CUT is not always
the right answer and we have results to show. Check out
that Unemployment Report.

[Octafish]

2. +1

"Governments do not create jobs; bold people and innovative businesses do." -- Barack Obama

Good thing FDR didn't believe that.

[OHdem10]

3. You see what I mean by Republican Lite.

[Selatius]

5. The stimulus package should've emphasized more job training/job creation than it did.

Instead, a good chunk of it was nothing but aimed tax cuts towards various special interests, which is basically squandering an opportunity to get ahead of the recession.

[stockholmer]

7. TARP alone was $700 BILLION, not million, and total bailout cost was $23.7 TRILLION at least on a

potential basis.

http://www.geldpress.com/2010/02/bailout-237-trillion-sigtarp/

I will not bother with a lengthy academic debate over Keynesian 'prime-the-pump' modeling. Suffice it to say that the privately-held US Federal Reserve simply helped the systemic controller's global banking network to literally steal TRILLIONS, and stick the American citizens with the bill. This bill will be collected at the end of a government gun via the 'track/trace/database' command and control grid that has technetronically (as well as legally) reared up over the last couple of decades.

[SDuderstadt]

8. The Federal Reserve is not...

"privately held". It's an independent federal agency. The member banks are required to purchase "subscription stock" in their regional bank; it's one of the ways the Federal Reserve is funded. The member banks cannot sell this stock nor do they exercise anything that remotely resembles ownership.

Please quit spreading this RW anti-Fed nonsense.

http://www.publiceye.org/conspire/flaherty/flaherty4.html

[stockholmer]

10. number 1, please don't call me or the fact that the Fed is privately owned 'right wing' -you end up

sounding like a bankster shill. Anything that doesn't fit your narrow vision of a presumed paradigm you simply try to label in a derogatorily knee-jerk manner.

Number 2, you argument is logically nonsensical. Just because the subscription stock is non-transferable in no way means that it is not privately held. The link you cite admits as much and is worthless with its circular reasoning and logical fallacies.

And number 3, as the Bajans say:

'hard ears dun wan hear, den hard ears gwan feel'


Anti-Fed is pro human rights, and this sentiment is most definitely a widely-held progressive stance here in the EU and around the world.

[SDuderstadt]

11. Dude....

Please show me where I called you RW. I will also ask you politely not to suggest or imply that I am a "bankster shill" for simply pointing out your factual errors.

Do you understand the difference between the Federal Reserve and the Regional Federal Reserve banks? Please note carefully what I wrote. The Federal Reserve is a self-funded independent federal agency. How can someone "own" it? More importantly, my point about the subscription stock stands and I am not responsible for your inability to understand what that means. Do you understand what subscription stock even is? Do you understand how it is different than capital stock? If the regional federal reserve banks "own" the Federal Reserve, why don't THEY tell IT what to do rather than it being the other way around? Why don't the member banks elect the Board of Governors and the Chairman?

In order to be a member of a REGIONAL Federal Reserve bank, the member must contribute a certain percentage of their capital, for which they receive subscription stock. They cannot sell that stock. They elect a board of directors but that board is limited to implementing the policies of the Board of Governors of the Federal Reserve, the members of which are nominated by the President and must be confirmed by the Senate. Whoever heard of a private bank in which the upper management is determined by the President and Senate of the United States? If the members "own" the regional federal reserve banks, why can't they run them? Why can't they sell them?

Your inability to understand the concept and limitations of subscription stock is no one's problem but your own, dude. BTW, what does the Fed have to do with human rights? You can develop whatever "stance" you want in the EU, but you cannot change the basic facts.

[xchrom]

4. Recommend

[katnapped]

6. Good thing he waited for Republicans to be majority

Before he decided to do anything! Gonna be so much easier to pass stuff that way! :sarcasm:

[ecstatic]

9. I wonder if its due to gas prices

The gas prices are affecting a lot of businesses, like Amazon. They are not meeting their 2 day shipping promise like they used to.

[DCBob]

12. "horrible" ?? What would it be if the number was a negative?

this author is running out of superlatives.