Seeking Alpha

ADP revisions slash job gains

  • With the big BLS employment report not happening on Friday unless the government shutdown is soon settled, we'll have to have this week's fun with the ADP print.
  • The headline 166K job gain missed by 14K, but August's 176K gain was revised down to 159K, and July's 198K gain was revised down to 161K. That's a total of 54K jobs eliminated.
  • Treasurys are liking the numbers, with 10-year popping more than a third of a point on the release, and the yield falling to 2.60%.
  • TLT +0.5%, TBT -0.9% premarket.
  • Full report.
  • Treasury ETFs: TLH, TLT, IEF, DTYL, DLBL, ILTB, TENZ, ITE, TLO, EDV, VGIT, VGLT, TMF, TYD, LBND, UBT, UST, TMV, TYO, DSTJ, DSXJ, SBND, PST, TBT, DTYS, DLBS, TBF, TTT, TYNS, TYBS, TBX.
Comments (10)
  • WMARKW
    , contributor
    Comments (10219) | Send Message
     
    Uh Oh!
    2 Oct 2013, 08:57 AM Reply Like
  • mickmars
    , contributor
    Comments (1323) | Send Message
     
    U.S. Billionaires are doing better though. Crumbs should trickle down to working Americans any day now.
    2 Oct 2013, 09:08 AM Reply Like
  • WMARKW
    , contributor
    Comments (10219) | Send Message
     
    Of course they are. They have so many people to sell things too - all over the world in fact.
    2 Oct 2013, 09:15 AM Reply Like
  • june1234
    , contributor
    Comments (2333) | Send Message
     
    The jobless recovery continues; if you want one of those learn Mandarin
    2 Oct 2013, 09:41 AM Reply Like
  • BruceInKY
    , contributor
    Comments (397) | Send Message
     
    "So what happens here in Washington makes a difference. What happens up on Capitol Hill is going to help determine not only the pace of our growth, but also the quality of jobs, the quality of opportunity, for this generation and future generations."

     

    El Presidente, patting himself and his central planners on the back, 9/16/2013
    2 Oct 2013, 10:17 AM Reply Like
  • minecanary
    , contributor
    Comments (400) | Send Message
     
    They forgot to mention they had to guess at the numbers from 10 or 12 states
    2 Oct 2013, 10:27 AM Reply Like
  • YellowLab1
    , contributor
    Comments (135) | Send Message
     
    Pretty horrible 3 months with missed estimates and downward revisions.
    But wouldn't surprise to see the "Unemployment rate" stay the same or drop below 7.3 % with ever growing "stopped looking" folks conveniently not counted.
    Almost only thing Joe Public sees is the one number and doesn't know those millions who "no longer look" conveniently don't even count anymore.
    2 Oct 2013, 10:31 AM Reply Like
  • tom_t
    , contributor
    Comments (257) | Send Message
     
    All they have to do is count only the people who have jobs, and then they can announce that the unemployment rate is zero.
    2 Oct 2013, 01:07 PM Reply Like
  • Yorick
    , contributor
    Comments (471) | Send Message
     
    How does ADP need to "revise" data? Either they issued payroll to someone or they didn't....why are they trying to play the birth/death and estimate game?
    2 Oct 2013, 11:06 AM Reply Like
  • DeliciousWolf
    , contributor
    Comments (71) | Send Message
     
    The solution to the current budget impasse is simple: allow the House to vote on the budget, inclusive of PPACA (which is already funded regardless). The votes are there for Democrats and moderate Republicans to pass it in the House now, followed by quick approval in the Senate and ascension. But Boehner can't do that; he and the entire Republican party are being held hostage by their rump of Tea Party representatives refusing to even allow the floor to vote. That isn't democracy, it's hostage negotiation.

     

    If you're a moderate Republican or conservative, please write a letter to your House Representative simply demanding a vote be brought. If you're a Tea Party supporter, please enjoy the coming debt limit fight and subsequent debt default.
    2 Oct 2013, 03:02 PM Reply Like
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