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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: 27597
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.

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Begin Trace Mode for Comment # 22.

#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  


#2. To: war (#1)

The stimulus ended over a year ago

You mean when unemployment was still over 9.5%?

Wow. How impressive that was.

no gnu taxes  posted on  2011-06-01   8:58:19 ET  Reply   Untrace   Trace   Private Reply  


#4. To: no gnu taxes (#2)

You mean when unemployment was still over 9.5%?

And the Bush tax cuts were still in place.

What a GREAT job extending them has done.

war  posted on  2011-06-01   9:09:46 ET  Reply   Untrace   Trace   Private Reply  


#6. To: war (#4)

You would have a hard time making a case that tax cuts damage the economy.

no gnu taxes  posted on  2011-06-01   9:12:24 ET  Reply   Untrace   Trace   Private Reply  


#17. To: no gnu taxes (#6)

You would have a hard time making a case that tax cuts damage the economy.

Really? Obama extended the Bush tax cuts and the economy is in the tank and apparently getting worse.

If tax cuts are so beneficial, why don't the Republicans just propose eliminating taxes all together? That should really get things moving, don't you think?

Skip Intro  posted on  2011-06-01   12:58:44 ET  Reply   Untrace   Trace   Private Reply  


#19. To: Skip Intro (#17)

Obama extended the Bush tax cuts and the economy is in the tank and apparently getting worse.

Explain how you think that eliminating the tax cuts will make the economy really take off.

no gnu taxes  posted on  2011-06-01   13:01:07 ET  Reply   Untrace   Trace   Private Reply  


#20. To: no gnu taxes (#19)

Explain how you think that eliminating the tax cuts will make the economy really take off.

Explain how we can pay to fight three wars while cutting taxes. Show me when that was last done successfully.

Skip Intro  posted on  2011-06-01   13:05:19 ET  Reply   Untrace   Trace   Private Reply  


#21. To: Skip Intro (#20)

Tax rates are still plenty high enough to adequately raise revenue. The main reason for the deficit is entitlement spending and a shitty Obama economy.

no gnu taxes  posted on  2011-06-01   13:08:33 ET  Reply   Untrace   Trace   Private Reply  


#22. To: no gnu taxes (#21)

Tax rates are still plenty high enough to adequately raise revenue.

Tax rates are at historic lows, and are completely inadequate to fund all the wars you guys want to fight.

Skip Intro  posted on  2011-06-01   13:11:32 ET  Reply   Untrace   Trace   Private Reply  


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