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.
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"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."
Source: CNBC via Drudge Report
This follows on the heels of reports of lower consumer confidence:
U.S. consumers are increasingly worried about jobs and the economy, the Conference Board said Tuesday, as it reported that its consumer confidence index plummeted to 52.9 in June -- the lowest level since March -- from a downwardly revised 62.7 in May."Increasing uncertainty and apprehension about the future state of the economy and labor market, no doubt a result of the recent slowdown in job growth, are the primary reasons for the sharp reversal in confidence," said Lynn Franco, director of Conference Board's consumer research center. "Until the pace of job growth picks up, consumer confidence is not likely to pick up."
Source: CBS MarketWatch
Of course, the Obama administration has been patting itself on the back for "creating or saving" government jobs - many of which have turned out to be temporary census worker jobs. And there are indications that the census job statistics have been fraudulently inflated. But what do you expect from an administration that makes it very clear that the jobs aren't coming back and America shouldn't expect to be anything but mediocre?
Hope! Change! Misery!
