But seriously folks. For anyone who’s not been paying attention, yesterday’s ADP data point has proven to be just one more in a series of meaningless blips and totally non-indicative of the Non Farm Payrolls number.
Here’s the June Jobs report, put all sharp objects away first (via New York Times):
U.S. Economy Added 18,000 Jobs in June; Unemployment Rate Rose to 9.2%
The United States economy added only 18,000 jobs in June, a blow to hopes for a resurgence in hiring, the Department of Labor said on Friday. The unemployment rate rose to 9.2 percent from 9.1 percent in May, the department said.
The increase in nonfarm payrolls came mostly from private companies, which added 57,000 jobs in June, from a revised gain of 73,000 in May, the monthly report said. In general, government agencies have been shedding jobs as they grapple with budget pressures.
Over all, the gain for May was revised downward to 25,000 from the initial report of 54,000.
The report showed the continuing challenges of adding jobs to the economy even at a rate that keeps pace with population growth, two years after the official end of the longest economic downturn since the Great Depression.
I have nothing else to add at this point. Obama’s going to regale us with his plans to build a train set at 10:30 am EST…