ADP Fails To Cure Unemployment Fears

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By Douglas A. McIntyre Updated Published
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The ADP national employment report for June is often considered a prelude to the tone of the following day’s real unemployment report from the Labor Department.  The ADP report for June is out at -473,000.  This is down from -485,000 as revised in May.  This is also worse than the estimates being les than -400,000 on an unofficial basis.

This number is computed from a subset of ADP records that represent close to 400,000 business clients  million U.S. employees working in all private industrial sectors.

The breakdown showed that small and mid-sized businesses were the largest job cut contributors with -177,000 and -205,000 respectively.  Large businesses accounted for about 91,000 of the cuts.

With this number being worse than unofficial estimates, it is hard to expect any solid changes to tomorrows unemployment data from the Labor Department.  Bloomberg has those estimates at 9.6% unemployment and -350,000 on the change in non-farm payrolls.

Jon C. Ogg
July 1, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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