Negative US job report prompts recovery fears

[The Northerner]

WASHINGTON (AFP) – An unexpected rise in company job losses fueled concerns about the strength of the US economic recovery, ahead of a key government labor report later this week.

US firms shed 23,000 jobs in March, payrolls firm ADP said in a report that was dramatically worse than market expectations.

Sensing a slow improvement in the health of the world's largest economy, investors had expected around 40,000 private-sector jobs to be created this month.

The private sector accounts for more than two-thirds of US employment and its payrolls are a widely watched barometer of the US recovery.

"Today's report is quite disappointing," said Thomas Julien of Natixis, echoing the letdown among many on Wall Street.

Investors are now waiting for official unemployment figures for March to be published on Friday, asking if they had been overly optimistic in suggesting the jobs market was about to turn a corner.

Read more: http://news.yahoo.com/s/afp/20100401/ts_alt_afp/useconomyunemployment

[sandnsea]

1. As opposed to 650,000 jobs lost in March 2009

A 90% improvement and some Wall Street asshat is "disappointed". Yeah right.

The only time Wall Street is a good source is when it's discrediting the administration.

[girl gone mad]

6. For good reason.

Census hiring and a boost from improved weather were expected to knock this report well into positive territory.

[Statistical]

9. The projection was for a gain of 150K to 200K.

So ADP number is pretty bad.

Still ADP is about as accurate as a dartboard lately.
We will get real numbers on Friday.

[DJ13]

2. Wall Street has been partying like the recession is over for a full year

Its too bad those geniuses cant figure out that cutting workers equals fewer consumers, which equals a need to further cut workers, which leads to even fewer consumers....

[CoffeeCat]

4. They could care less about us...

The chasm between Wall Street and Main Street has never been wider. I watch
CNBC quite a bit--and everyday on that channel is a party. The DOW is soaring,
business is booming and lots of people are making cash.

Then...you step outside your front door--and there certainly isn't a party. Not
in my upper-middle class suburb anyway. We've got vacant strip malls, businesses
tanking, unfinished housing developments and people who are scared shitless.

We are nothing to them but ATM machines that can be periodically swindled out
of their hard-earned money. They loathe us most of the time, but some of the
time we're useful idiots.

All of these quotes...about how Wall Street is "surprised" or "disappointed"
in these numbers. Whatever...

[DJ13]

5. Yeah, I watch CNBC every morning too

Sooner or later they will have to recognize that their precious markets cant exist without consumers being able to buy the products those companies in the stock markets are selling.

I think a few of the old timers on the floor are starting to get it, as many have been remarking on air that they're worried about the lack of volume (retail investors cant afford to gamble anymore), and that the economic numbers arent good enough to sustain the rally much longer.

Sadly they are a minority.

[OhioChick]

3. K&R n/t

[dmallind]

7. Funny. When ADP reports are better than expectations

They are a useless corporatist tool shilling for their Panglossean manipulators.

When they are worse than expected it seems they are gospel.

Personally I wait in both cases for the official surveys.

[lib2DaBone]

8. there can be no recovery until some action is taken...

.. NOTHING has been done to stop this depression.

We have not stopped the costly wars... we have not stopped NAFTA.

We are still shipping jobs to China.. and we still bow down to the Big Oil and the Banksters.