Wednesday, June 30, 2010

Jobs Market Barely Budges in June as Hiring Stays Weak

'Recovery Summer' will really be Catastrophe Summer. You are standing on the precipice of total collapse. You are short on time. Whatever you need to do to shelter yourself from the fallout, do it. Do it now.

    CNBC -

    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.

    Out of Work

    The ADP Employer Services report also said May's gain was revised marginally higher to 57,000 from the original estimate of 55,000.

    That revision was basically the only good news, however, in a report that under-shot expectations of a rise of 60,000 private-sector jobs in June.

    It also supported fears that the short and tepid recovery from the worst recession since the 1930s was fizzling.

    "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."

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