Wednesday, May 4, 2011

+197K: Silly Unemployment Figures - and Even Sillier Headlines

I have written before: I am just waiting for an ETF that tracks unemployment. Here come the latest silly figures, these ones from ADP:

'labor market is strengthening" read the headlines (Bloomberg)

"Employment increased by 179,000 in April from a revised 207,000 the prior month, according to figures from ADP Employer Services".

However, that is below expectations: "The median estimate in the Bloomberg News survey called for a 198,000 advance this month".

"The gain in employment projected by ADP may be insufficient to help the economy accelerate after a surge in food and fuel costs caused growth to slow to a 1.8 percent annual rate in the first three months of the year. Businesses added 200,000 jobs in April and the jobless rate held 8.8 percent, economists project a Labor Department report to show in two days".

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