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BusiesT casino gambling day -- in Las Vegas Status: Not Logged In; Sign In United States News See other United States News Articles Title: Horrible Economic Data Continues: ADP Plunges To 38K On Expectations OF 175K; Downward NFP Revisions Next (How's that stimulus working for you?) Source: [None] URL Source: http://www.zerohedge.com/ Published: Jun 1, 2011 Author: zerohedge Post Date: 2011-06-01 08:29:09 by no gnu taxes Keywords: None Views: 27452 Comments: 49 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. Post Comment   Private Reply   Ignore Thread   Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 16. #1. To: no gnu taxes (#0) How's that stimulus working for you? The stimulus ended over a year ago, Paddy. Further eroding the economy is the general cut in government activity/spending which, after consumer spending, is a substantial element of GDP. You folks don't get it. A $1bln rail project in an area generates related private sector service industry jobs. war  posted on  2011-06-01   8:40:00 ET  Reply   Untrace   Trace   Private Reply   #16. To: war (#1) The stimulus ended over a year ago, Paddy. Further eroding the economy is the general cut in government activity/spending which, after consumer spending, is a substantial element of GDP. State governments continue to slash spending, I don't understand while falling government employment and falling government spending isn't creating economic growth. ;-) go65  posted on  2011-06-01   12:57:57 ET  Reply   Untrace   Trace   Private Reply   Replies to Comment # 16. #23. To: go65 (#16) State governments continue to slash spending, I don't understand while falling government employment and falling government spending isn't creating economic growth. It's a head scratcher fer shore... war  posted on  2011-06-01 13:23:29 ET  Reply   Untrace   Trace   Private Reply   End Trace Mode for Comment # 16. Top • Page Up • Full Thread • Page Down • Bottom/Latest

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