Consensus leading into this number was 155K — so, this is — to say the least disappointing. Chicago PMI yesterday was below 50. Two days ago I wrote that I thought we are ripe for a correction here. The economy is sputtering — this, after a $1T in stimulus, the Fed’s QE/asset buying spree, etc. — and all we have to show for it 4+yrs later is unemployment just under 8%, growth under 3% and a budget deficit approaching $17T. This is the worst economic recovery post-recession since WWII. What will Obamacare do to hiring — especially for those businesses at or near 50 employees? V/R, R.C. Porter.
Sent: 01-May-13 08:17:16 Eastern Daylight Time
Subj: ADP: U.S. adds 119,000 private-sector jobs in April, fewer than expected
BULLETIN: ADP: U.S. adds 119,000 private-sector jobs in April, fewer than expected
05/01/2013 08:16:53 AM EDT
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