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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: 27463 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 # 29. #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   #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   #26. To: war, go56 (#23) go65: State governments continue to slash spending, I don't understand while falling government employment and falling government spending isn't creating economic growth. DwarF: It's a head scratcher fer shore... That's because you're a couple of dumb-shit Keynesian sheeple. It's REALLY simple: the so-called "economic growth" you dopes are looking for, has been borrowed money, spent to maintain the illusion of continued prosperity, even as the underlying economic infrastructure has been sold, swindled and/or off-shored to your favorite socialist/communist country... The borrowed money- since it can't be invested in a growing manufacturing/goods-producing sector- was instead spent it on subsidies, welfare handouts and other "entitlements" to bribe the electorate. AND the money was spent on make-work projects, bloated budgets from Federal to local levels, union subsidies, kickbacks,, etc. NOW, the money is gone, and no more will be forthcoming... Either Congress grows a spine and refuses to raise the debt ceiling, or the world marketplace will quickly reject the dollar, in favor of some other currency. Either way, the money's gone, and the debt-financed house of cards is imploding. One can only promote a high lifestyle with credit-cards, unt the credit limit is reached. In the case of our govt., not only are we max'ed out to the limit, but we can't even make the minimum payments... And you two clowns- who think debt-based spending ad infinitum is a GOOD thing- wonder why, with no more money, the party still ain't rollin' strong? Nobody ever accuses either of you of being too bright, DO they? The party is OVER. The money is GONE. All that's left is the question of who gets stuck with the tab...? God knows, YOU dirt-bags won't willingly pay. Capitalist Eric  posted on  2011-06-01   18:28:09 ET  Reply   Untrace   Trace   Private Reply   #29. To: Capitalist Eric (#26) It's REALLY simple: the so-called "economic growth" you dopes are looking for, has been borrowed money... Not all of it has been borrowed, Erica. Tax revenues once provided the bulk of receipts. Then Boy Blunder came in and refused to pay for his wars and the debt exploded. Then Boy Blunder imploded the economy and debt exploded worse. Keynes, btw, was not an advocate of long term debt. And he believed that tax cuts should provide the bulk of the stimulus - and thus be responsible for more of the deficit - when the economy was underperforming. He believed this because when the economy turned back up, rates could be increased again and any debt would paid down. Why did he believe this? Because he knew economies were cyclical and that when the next downturn occurred taxes could be cut and spending increased and not over a mountain of debt. Of course, you are woefully ignorant of what Keynes actually advocated because you get your information from MoonBat websites rather than anything remotely scholarly. war  posted on  2011-06-01   20:07:09 ET  Reply   Untrace   Trace   Private Reply   Replies to Comment # 29.         There are no replies to Comment # 29. End Trace Mode for Comment # 29. Top • Page Up • Full Thread • Page Down • Bottom/Latest

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