May 31, 2012

May 26 Unemployment Claims, Month of May ADP Private-Sector Employment (UPDATE: 383K SA Claims, Only 133K Private Jobs)

Filed under: Economy,Taxes & Government — Tom @ 8:35 am

This is another post which probably won’t be done in real time.

Unemployment claims for the week ended May 26 will be reported at 8:30 a.m., as will ADP’s report on May private-sector employment growth. Bloomberg carried an estimates of 370K new claims and 150,000 private-sector job adds, respectively.

UPDATE, 9 A.M.: Unemployment claims — A seasonally adjusted 383,000. Ouch.

UPDATE 2: ADP — “Employment in the U.S. nonfarm private business sector increased by 133,000 from April to May on a seasonally adjusted basis. The estimated gain from March to April was revised down modestly, from the initial estimate of 119,000 to a revised estimate of 113,000.” Double ouch.

Even though GDP came in as expected at an annualized 1.9%, that’s a triple ouch.

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2 Comments

  1. Swing and a double-miss (383K initial claims after a +3K upward revision, and 133K private-sector jobs). At least they got the GDP downgrade right, though that also came with a weak corporate profit estimated increase of $11.4B.

    Looks like Wreckcovery Summer 33 1/3 – The Final Insult

    Comment by steveegg — May 31, 2012 @ 9:05 am

  2. Good lord. It feels like nothing is ever going to get better.

    Comment by Dean Esmay — May 31, 2012 @ 4:05 pm

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