U.S. economy keeps producing jobs at record levels

[Regis Philbin]

June ADP payoll survey net gain of 368,000 pvt-sector jobs

Last Update: 8:15 AM ET Jul 5, 2006


WASHINGTON (MarketWatch) - U.S. private-sector nonfarm payrolls increased by about 368,000 in June, according to the ADP national employment survey released Wednesday. [B]It is the strongest monthly employment growth in the five-year history of the survey. "These findings indicate a strong acceleration of employment in June," said Joel Prakken, chairman of Macroeconomic Advisers, the economic forecasting firm that computes the index from payroll data provided by ADP. In May, the ADP survey showed 122,000 net new jobs, while the Labor Department's survey indicated 75,000 new jobs. The Labor Department will report on the June figures on Friday. Before the ADP data was released, economists expected a gain of about 160,000 jobs.
Before the ADP data was released, economists expected a gain of about 160,000 jobs.
Why is it that the 'experts' never expect these figures??? Any one else would be fired from their job if they were wrong as often as economists are... :rolleyes:

[Richard Tafoya]

Because they work within the realities of statistical probability. Sometimes actuals fall below that range and sometimes they come in above it.

If analysts were always exactly right in their predictions, the stock market would never move. Stock prices only surge when a company's metrics perform outside the range of analyst predictions.

This report, combined with a surge in oil, gold and other commodity prices, is almost sure to lock in another interest rate hike at the next Fed meeting.

And for those of us waiting for the foreclosure clouds to burst so we can buy a reasonably priced home, that's pretty good news. Lousy news for the people that will be losing their homes in the shake-out, but that's what happens when you use the president's economic policies as an example of how much debt to carry.