US Economy Could Recover Much Sooner Than Expected pt 3

[vision-master]

Just listen to these shills.......

You dudes need to start a Church.

[Homesteader]

Just listen to these shills.......

You dudes need to start a Church.

Now that is funny!

[TheAntiDoomer]

HOLY GUACOMOLE! YOWZERS! WOW!

The economic doomer KNOCKOUT blow:

Private Sector Job Creation Highest Ever For ADP Report
http://www.cnbc.com/id/40922361

The private sector created an eye-popping 297,000 jobs from November to December, according a report from ADP that was the highest number the payroll firm has ever reported. The number was far higher than the 100,000 economists expected the ADP report to show and sets the stage for what could be a positive surprise Friday when the government releases its monthly nonfarm jobs report. That report is expected to show 140,000 jobs were created.

[vision-master]

How come my pension plan went broke and had to be bailed out by the city and state? It's a 103 year old plan, help me with this. What the fook happend within the last few years.........

[OilFinder2]

Better? I just heard about this baker with 25 years experience losing his job, only to find another one that pay's $9.06 hr. Recovery for who Oily?

For almost 300K newly-minted private sector employees last month according to ADP, that's who.

Also for lots of people in the service sector in December.

LINK

Jan. 5, 2011, 11:03 a.m. EST
Services sector expands in December for 12th month
Strongest reading since May 2006
By Steve Goldstein, MarketWatch

WASHINGTON (MarketWatch) — The services sector expanded in December for the 12th straight month and at an accelerating pace, according to an index of purchasing managers released Wednesday.

The Institute for Supply Management’s non-manufacturing index rose to 57.1% from 55.0% in November, marking the 12th month in a row the gauge has been above the 50% unchanged line and topping MarketWatch-compiled economist expectations of 55.6%.

It was the strongest reading since May 2006, and the reading shows that the services sector overtook manufacturing in December — the first time in 18 months — as retailers enjoyed a strong Christmas selling season. Real estate, rental and leasing, and information were also among the 14 industries showing growth.

[...]

[OilFinder2]

Also need to emphasize this from the Marketwatch article:

Elsewhere Wednesday, outplacement consultancy firm Challenger Gray & Christmas Inc. reported that planned layoffs reached just over 32,000 in December, down 29% from the prior year, and the lowest monthly total since June 2000. And for 2010 as a whole, employers announced plans to cut about 530,000 jobs, the lowest since 1997, according to Challenger.

Doomers are going into fits of denial by now to continue telling there is no recovery.

[vision-master]

No recovery for main street, just wall street - how is taht gonna help me?

[Armageddon]

From ZH:

Services ISM Beats Expectations While Drop In Employment Index Confirms ADP Beat Was An AberrationSubmitted by Tyler Durden on 01/05/2011 10:42 -0500


Following the too good to be true ADP number, the December Services ISM number came at 57.1 on a 55.7 consensus and an improvement from November's 55- a multi-year high. Yet the usual casual glance behind the scenes confirms once again that disparate economic data series are in complete contradiction with each other: the employment index declined from 52.7 to 50.5, which makes absolutely no sense in light of the alleged surge on ADP service-related jobs. Even Goldman has nothing good to say: "The decline in the employment index, however, suggests that the strong ADP employment number has considerable statistical distortion and should therefore be interpreted with care." But such is life when one runs a ministry of truth with far too many controllable variables. Furthermore, the economic growth through inventory accumulation is continuing, as inventories increased from 51.5 to 52.5. And most importantly for EPS numbers, kiss those margins good bye: prices paid increased from 63.2 to 70.0.

[Armageddon]

Those $8.00 temporary Christmas jobs are really going to get the economy booming.

[TheAntiDoomer]

^zerohedge thrives on doom, no doom = bad ratings less clicks for zerohedge. You really going to follow a guy who calls himself Tyler Durden?

[TheAntiDoomer]

Those $8.00 temporary Christmas jobs are really going to get the economy booming.

weak comeback. stay on the mat armegeddon, throw in the towel!

[KingM]

Better? I just heard about this baker with 25 years experience losing his job, only to find another one that pay's $9.06 hr. Recovery for who Oily?

For almost 300K newly-minted private sector employees last month according to ADP, that's who.

Also for lots of people in the service sector in December.

So there are lots and LOTS of $9.06/hour jobs being created.

Seriously, it does sound like good news, but we should still be cautious about predicting any boom. There are still a lot of things working against the economy.

[vision-master]

Yeah, the norm is going from $20 hr to $10 hr with hyperinflation on it's way, good bye J6P.

[OilFinder2]

No recovery for main street, just wall street - how is taht gonna help me?

The lowest number of monthly layoffs since June 2000 isn't good for Main Street?

Rising auto and retail sales isn't good for Main Street? Tell that to the shopkeepers and auto dealers on Main Street.

Falling initial unemployment claims isn't good for Main Street?

You don't even know the difference between Wall Street and Main Street.

[vision-master]

The difference is wall street get's bailed out while main street shuts down.

Calling in sick to Walmart

[Maddog78]

You are the most depressed motorcycle rider I know.

[vision-master]

Watched some Slipknot lastnight - what a hoot!

[eXpat]

Just once more...
US Treasury asks Congress to lift debt ceiling

Treasury Secretary Timothy Geithner asked Congress to raise the US debt ceiling Thursday, firing the starting gun on a fresh political battle over the country's massive deficit.

In a letter the Senate's top legislator, Geithner asked for permission to increase the national debt from the 14.29 trillion dollar limit set last year.

Geithner warned that ceiling would be reached as early as this March, and called on Congress to act to avoid the treat of default.

http://www.breitbart.com/article.php?id=CNG.24aed2d4393365e0c8062dcc2cd184cf.791&show_article=1

[OilFinder2]

My take on today's employment/jobs report.

+103K added to payrolls is a disappointment. We'll see what the revisions say. Last month's disappointing jobs report was revised upward to +71K, and October was revised upward again to a nice +210K, which was originally reported as +151K. So as I said, let's see what the revisions say.

According to the household survey, 297K more people were employed in December than in November - which, curiously, is the exact same number of new jobs as reported by ADP on Wednesday!

Not only did the headline unemployment rate go down, all of the alternate measures of the unemployment rate went down. So that's encouraging.

Overall this wasn't anything to scream and shout about, but it's mildly encouraging.

[Daniel_Plainview]

Labor Force Participation Rate Plunges Dramatically To 25-Yr Low, Adjusted Unemployment Rate Soars to 11.7%

While today's unemployment number came at a low 9.4%, well below expectations, the one and only reason for this is that the labor force in America has plunged to a fresh 25 year low. Assuming a reversion to the mean in the long-term average participation rate back to 66%, means that the civilian labor force, which in December came at 153,690, a drop of 260,000 from November, is in reality 157.6 million, a delta of 3.91 million currently unaccounted for. [T]he unemployed population ... would have been 18.4 million if this labor force delta was incorporated, resulting in an unemployment rate of 11.7%.

linkie winkie

And there's more ... In its 3d consecutive month of deterioration, the non-seasonally adjusted underemployment rate (U-6) reached16.6%, a jump from 16.3% in November, and the highest since July 2010.

ZH: The non-seasonally adjusted underemployment rate (U-6), probably the one metric that has the least possible amount of Department of Turh intervention, has come at 16.6%, a jump from 16.3% in November, and the highest since July 2010. It is also the third consecutive month of deterioration, roughly since QE2 started. There goes your economic recovery. But at least quantitative easing is boosting the wealth effect of all those employed (on Wall Street) and adding to the poverty effect of everyone else. In the meantime, can someone please switch the ABC confidence index with the ADP bullshit indicator in terms of data significance?