Bad, REALLY bad news for Mittens and ODS morons.
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Friday Jobs Report Preview: October ADP Employment Numbers Show Unexpected Strength
A bit of good news on the economy this morning has markets gaining ground and economists revisiting their predictions, as ADP’s monthly report on US payrolls showed 158,000 jobs were added in October, well ahead of estimates–and a big increase from last month’s 88,000. Economists polled by Reuters had expected an increase of 135,000 jobs.
The report, compiled by the payroll company, featured a revamped methodology that was used for the first time in October. And while it’s hardly of the same importance as the report on employment due out Friday from Bureau of Labor Statistics, it does help many economists fine-tune their thinking about the BLS numbers.
Coming just days before the presidential election the Friday number is being even more closely watched than usual, as the outcome of the presidential race has been cast as a referendum on the performance of th economy over the past four years.
September’s BLS report was a surprise, with the unemployment rate falling to 7.8%, the lowest it has been since President Barack Obama took office in January, 2009. But while that number grabbed the headlines, another more important—the total number of jobs added – was much more dispiriting, with just 114,000 jobs added. Traditionally—at least before the dawn of the great recession–any number below 150,000 is seen as disappointing because it takes the addition of at least that number in any month to keep pace with increases in the population.
For Friday’s report, economists had forecast an increase of 125,000 jobs during October—but, and this is likely to be the only thing most people pay attention to–they predict the unemployment rate will rise to 7.9%. We’ll see.
In early trading, stocks were higher on the news, with the S&P and Dow up about 1%.
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