US employment figures - spin doctors at work
Companies in the U.S. unexpectedly added an estimated 9,000 jobs in July, a private report based on payroll data showed today. The increase followed a revised drop of 77,000 for the prior month that was smaller than previously estimated, ADP Employer Services said.
ADP includes only private employment and does not take into account hiring by government agencies. Macroeconomic Advisers LLC in St. Louis produces the report jointly with ADP. The ADP figures come ahead of the government's Aug. 1 report, which may show total payrolls fell by 75,000 in July, the seventh consecutive months of job losses, according to the median forecast in a Bloomberg survey. The unemployment rate probably increased to 5.6 percent. Payrolls dropped by an average 94,000 a month from January through June, according to the Labor Department. The ADP estimate shows gains of almost 11,000 on average. Note EU-Digest: It looks like the ADP is on the payroll of the Bush Administration?
No comments:
Post a Comment