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Seems the next unemployment report may have a 50% increase in newly unemployed over the prior month. A pre-offical report hit the street news today and killed a lively bear rally right in its tracks.
The numbers were something like 693,000 versus 450,000 the prior month. Actual official report comes out this Friday. They are starting to talk regularly about 10% unemployment this year.
http://www.marketwatch.com/news/sto...8F-2D9D-48D2-A934-144BA5E1BB9C}&dist=hplatest
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The report paints "a shockingly weak picture of the labor market," said John Ryding and Conrad DeQuadros, economists at RDQ Economics. The nation's labor market is on track for the largest quarterly decline since 1945, they said.
The methodology for the ADP index has been revised with the aim of making it a better fit with pivotal government figures to be released on Friday. Economists currently expect nonfarm payrolls to have fallen by 500,000 in December, although several economists updated their projections following the ADP release. See Economic Calendar.
"We await Friday with trepidation," wrote Ian Shepherdson, chief domestic economist for High Frequency Economics. He said to expect that nonfarm payrolls contracted by about 700,000, which would be the biggest drop in 59 years.
The ADP report helped send U.S. stock markets lower on the open.
Private employment in the services sector fell by 473,000 last month, while employment in the goods-producing sectors fell by 220,000, ADP said.
Large firms cut 91,000 jobs, medium-sized firms shed 321,000 jobs and small firms reduced their payrolls by 281,000 jobs."
The numbers were something like 693,000 versus 450,000 the prior month. Actual official report comes out this Friday. They are starting to talk regularly about 10% unemployment this year.
http://www.marketwatch.com/news/sto...8F-2D9D-48D2-A934-144BA5E1BB9C}&dist=hplatest
"
The report paints "a shockingly weak picture of the labor market," said John Ryding and Conrad DeQuadros, economists at RDQ Economics. The nation's labor market is on track for the largest quarterly decline since 1945, they said.
The methodology for the ADP index has been revised with the aim of making it a better fit with pivotal government figures to be released on Friday. Economists currently expect nonfarm payrolls to have fallen by 500,000 in December, although several economists updated their projections following the ADP release. See Economic Calendar.
"We await Friday with trepidation," wrote Ian Shepherdson, chief domestic economist for High Frequency Economics. He said to expect that nonfarm payrolls contracted by about 700,000, which would be the biggest drop in 59 years.
The ADP report helped send U.S. stock markets lower on the open.
Private employment in the services sector fell by 473,000 last month, while employment in the goods-producing sectors fell by 220,000, ADP said.
Large firms cut 91,000 jobs, medium-sized firms shed 321,000 jobs and small firms reduced their payrolls by 281,000 jobs."
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