Smoking Hot Economy Added 13,000 Private Sector Jobs Added in June

2010 June 30
by bc3b

[dear readers…I fixed bc3b’s thread title. He mistakenly used the word “Only“, instead of “Smoking Hot Economy” to start the title.]

Yes sir, that Stimulus is really causing the employment to rebound. In June the private sector added a whopping 13,000 jobs. Things are really falling apart. It’s even going to be tough for the pro-Obama media to put lipstick on this pig.

U.S. private employers added just 13,000 jobs in June, according to a report published Wednesday that suggested expectations of a big drop in the government’s upcoming nonfarm payrolls report were on target.

The ADP Employer Services report also said May’s gain was revised marginally higher to 57,000 from the original estimate of 55,000.

That revision was basically the only good news, however, in a report that under-shot expectations of a rise of 60,000 private-sector jobs in June.

It also supported fears that the short and tepid recovery from the worst recession since the 1930s was fizzling.

“There is really no way to characterize this number other than disappointing,” said Macroeconomic Advisers LLC chairman Joel Prakken, whose firm jointly developed the ADP report. “The overall number tells you that the recovery in the jobs market is very, very sluggish at this point.”

The ADP figures come ahead of the government’s much more comprehensive labor market report Friday.

That report is expected to show a fall in nonfarm payrolls of 110,000 in June overall, as many temporary workers hired to complete the government’s decennial census were let go.

“It is now generally expected that the peak level of census employment was in May and that in June there will be a decline in census hiring,” Prakken said. “And for that reason I think it’s very likely that the number reported Friday is going to be a negative number.”

Read more.

Hat tip: Reuters via msnbc.

lipstickpig.jpg A pig with lipstick... image by vanessafchurch

30 Responses leave one →
  1. 2010 June 30 8:52 am
    janzam permalink

    …last month it was 41,000! But, oh we are in the “summer of recovery!”

    Give me a break!

  2. 2010 June 30 9:06 am
    drdog09 permalink

    If memory serves the economy has to generate ~300k+ jobs just to stay even with demographics. We have not seen that figure consistently in over two years. So we are deeply in the hole.

    I would hate to be a teenager looking for a summer job.

  3. 2010 June 30 9:09 am
    drdog09 permalink

    So what might we see between now and EOY. How about the stock market sits on its haunches for the summer between 9-10,000. Then we will see a quick pickup 4Q as people finalize any sell offs this year before taxes kick everyone in the butt next year. After that its another double dip slide. Sigh….

  4. 2010 June 30 9:12 am
    JustMary permalink

    We have to help the president succeed! Can we chant or something? mmm mmm mmm

  5. 2010 June 30 9:20 am

    Come Labor Day weekend, census hiring expected to end.


  6. 2010 June 30 9:22 am
    JustMary permalink

    Now what will they do?

  7. 2010 June 30 10:03 am

    2 – The break even number is more like 150k-200k mo, at least that what the liberals and media were saying circa 2004-2008.

  8. 2010 June 30 10:07 am

    (CNN) — A Missouri VA hospital is under fire because it may have exposed more than 1,800 veterans to life-threatening diseases such as hepatitis and HIV.

    John Cochran VA Medical Center in St. Louis has recently mailed letters to 1,812 veterans telling them they could contract hepatitis B, hepatitis C and human immunodeficiency virus (HIV) after visiting the medical center for dental work, said Rep. Russ Carnahan.

    Just great. 🙄

  9. 2010 June 30 10:09 am

  10. 2010 June 30 11:26 am
    justrand permalink

    bc3b…I fixed the thread title for ya! 🙂

  11. 2010 June 30 11:28 am
    justrand permalink

    wow, KH…CBS reported that??? and that way?

    hmmm…maybe the Press is getting tired of complimenting the naked King on his new clothes!

  12. 2010 June 30 11:29 am

    DOW goes negative.

    Today figured to be a “rebound” day

  13. 2010 June 30 11:54 am

    Pres is out there trying to sell this BS as progress, and that this is all Bush’s fault. lol
    The only people buying that arrangement are committed leftists, and even some of them don’t even buy it.

  14. 2010 June 30 11:59 am

    they could contract hepatitis B, hepatitis C and human immunodeficiency virus (HIV) after visiting the medical center for dental work, said Rep. Russ Carnahan. ~~~~KH

    Harbinger of the future when DADT is repealed.Your homo muslim surgeon will spit in your wound.

  15. 2010 June 30 12:00 pm
    janzam permalink

    Yesterday I was listening to author/economist Stephen Moore on a radio program. He gave a little snippet of what kind of taxes to expect in 2011.

    Capital gains will go from 15% to 20%. In 2013 it is scheduled to go up to around 23.4%.

    Death taxes will go up to 55% (being zero this year), with a lowered individual exemption of one million dollars.

    The kicker, though, is the capital gains that will be attached to dividend income. It will go from a current 15%, climbing to a staggering 39% in 2011!

    If Moore’s statements are correct it will effect those, especially seniors, who oftentimes depend on SS and dividend income to sustain themselves. I also wonder how anticipation of this tax gouge will effect the stock market, in general. Will people do a mass sell-off at the end of ’10, to avoid a higher capital gains?

  16. 2010 June 30 12:09 pm

    Do not forget the coming increase from the HC bill in medicare taxes, oh and the 1099 things which is really a thinly disguised tax increase\ increased business expense.

  17. 2010 June 30 12:09 pm
    mulletover permalink

    Speaking of stimulus, Tiger Woods’ wife, Elin, gets $750 million for her silence.


  18. 2010 June 30 12:44 pm

    18, Ex-wife !

  19. 2010 June 30 12:56 pm
    JustMary permalink

    #16 Dude

    I honestly do not see how anyone can afford any of this save for the very rich and the ultra poor.

  20. 2010 June 30 1:06 pm
    Havok permalink

    Not because of the taxes, but because of the revolts.
    It will cause more job losses.
    2011 is it!
    Thanks for playing!

  21. 2010 June 30 1:44 pm

    Thomas Sowell had another one of his eye-opening/common sense columns a couple of weeks ago about a table in the book Out of Work: Unemployment and Government in Twentieth-Century America that listed unemployment rates for every month during the entire decade of the 1930s.

    Those who think that the stock-market crash in October 1929 is what caused the huge unemployment rates of the 1930s will have a hard time reconciling that belief with the data in that table.

    Although the big stock-market crash occurred in October 1929, unemployment never reached double digits in any of the 12 months after that crash. Unemployment peaked at 9 percent, two months after the stock market crashed — and then began drifting generally downward over the next six months, falling to 6.3 percent by June 1930.

    This was what happened in the market, before the federal government decided to “do something.”…

    Hoover intervened in June 1930, with these results:

    Within six months after this government intervention, unemployment shot up into double digits — and stayed in double digits in every month throughout the entire remainder of the 1930s, as the Roosevelt administration expanded federal intervention far beyond what Hoover had started.

  22. 2010 June 30 2:01 pm
    beej permalink

    Uh oh, INC, off to the re-education kamp for you, as you simply do not understand history the way it was re-written. Er, as it happened. Yes, history as it happened, you just aren’t getting it.

  23. 2010 June 30 2:06 pm

    18 – More evidence for the marriage only benefits the woman file. 😉

  24. 2010 June 30 2:09 pm

    22 – Careful putting out stuff like that may get you sent to reeducation camp.

  25. 2010 June 30 2:11 pm

    22 – Check out this hilarity
    Bet on Private Sector for Recovery Could Prove Risky

    But what would you expect from the NYCrimes.

  26. 2010 June 30 2:13 pm

    Hey, beej & KH, as long as I can be in Thomas Sowell’s group I won’t worry! I figure he will re-educate the re-educators!

    Perhaps cause a few of those turncoats to turn their coats yet again!

  27. 2010 June 30 2:24 pm

    KH/26/ Honestly, after reading that column I want to pull my hair out.

    JournoList spin with revisionist history and upside-down/scrambled economics.

  28. 2010 June 30 3:49 pm
    justrand permalink

    INC, you’ll feel much better after “the process”… 🙂

  29. 2010 June 30 7:08 pm
    drdog09 permalink

    Death taxes will go up to 55% (being zero this year), with a lowered individual exemption of one million dollars. — Janzam

    Soooooo, that’s why Byrd decided to pass away this year…

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