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Business

New Jobs Numbers Out: Here’s What You Need to Know

Oct. 3, 2012 3:45pm Becket Adams

U.S. businesses added fewer workers in September than August, according to payroll processor ADP. The group said Wednesday that companies added 162,000 jobs last month, well below August’s 189,000 (which was already revised downwards).

“Small businesses added 81,000 while medium-sized firms gained 64,000, with large companies generating just 17,000 for the month,” CNBC notes. “Services firms were responsible for 144,000 of the jobs, while manufacturing generated just 4,000 new positions.”

And as writers at Zero Hedge note, ADP’s manufacturing number is the most interesting piece of data in the entire report.

“Perhaps the only relevant datapoint in the entire ADP report is that manufacturing jobs added were 4,000 in September. Only 996,000 more to go until we hit the president’s solemn promise of revitalizing US manufacturing,” the Hedge notes.

Depressingly enough, September’s numbers are actually higher than economists had originally estimated (talk about setting the bar low, right?). Also, it’s important to keep in mind ADP numbers are usually “volatile and dramatically” different (i.e. overshoot) than official government numbers.

But even if the ADP report is accurate, these numbers wouldn’t be enough to push down the unemployment rate, which has been above 8 percent for three and a half years. About 100,000 new jobs are needed each month just to keep up with the growth of the working-age population. Twice as many are typically needed on a consistent basis to bring unemployment down rapidly.

Furthermore, the ADP report only covers hiring in the private sector and excludes government employment. The Labor Department will offer a more complete picture of September hiring on Friday. Considering how close we are to Election Day, that report will be a very, very big deal (politically speaking, of course).

Here’s a breakdown of the data [via Zero Hedge]:

Economists believe the Labor Department report will show employers added 111,000 jobs in September, slightly more than August. They also expect the unemployment rate to tick up to 8.2 percent.

Many analysts claim growth will stay at about 2 percent for the rest of this year.

Follow Becket Adams (@BecketAdams) on Twitter

The Associated Press contributed to this report. Front page photo courtesy ZH.

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Comments (32)

kross1234
Posted on October 5, 2012 at 11:43pm
I used to work in Human Services and talked to my old boss today. She said the number of newe applicants with -0- income has skyrocketed in the past week. Interesting how many people have lost jobs and have -0- income, but the unemployment supposedly went down??? Why doesn’t some one interview Human Services for “Expidited Food Stamps” – meaning they have -0- income for the month of October – across the country and see if our county is only one showing this downturn, or if it is nationwide? It would be very telling of what our actual numbers are.

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coizinho
Posted on October 4, 2012 at 4:40am
Add your comments

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coizinho
Posted on October 4, 2012 at 4:37am
I don’t believe in any of this numbers, and when Romney and Paul Ryan win, they going to tell the American people the true and how bad it is. I think that are more the 35 Million people with out job. Democrats are willy sacred because they don’t want the true come out.

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- coizinho
  Posted on October 4, 2012 at 4:43am
  Democrats are very scared. The real numbers of people with out jobs is very bad, very bad.
  
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762x51
Posted on October 3, 2012 at 7:15pm
President Failures record continues unblemished by success.

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shogun459
Posted on October 3, 2012 at 6:24pm
No matter how hard Obama pushes us, We MUST NOT RIOT or let ourselves be placed in a position where it could be said we were rioting.
That may be what they are trying to get, and for that reason alone they should not get it.
We must let them raise the stakes until the world sees the lie that Obama is telling them about us.

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- TurboCat
  Posted on October 4, 2012 at 6:40am
  I agree with that for sure. We have worked very hard not to let the main stream media define us that way. And when I am done celebrating and being happy that Mitt won the debate, which does feel very good indeed, I am going to do my best to remember to be humble and keep on praying because this is for America, and this is why we need to win. For America.
  
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shogun459
Posted on October 3, 2012 at 6:20pm
Government Jobs should be a NEGATIVE job number.
Here’s why,
Government jobs run on TAXPAYER MONEY. They do not add value to anything they do, it can be argued that Government jobs subtract value due to inefficiency alone.

To maintain a Government job an equal amount of money MUST be sucked out of the economy through the Taxpayers, it is a RED numbered debt.

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AnAmerican111
Posted on October 3, 2012 at 5:30pm
OBAMA is again showing his lack of ability to accomplish anything positive for America!

However, OBAMA is amazing at his ability to lie and deceit!

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Chrison
Posted on October 3, 2012 at 5:30pm
It’s all Bush’s fault, anyway! Unless, of course, the news if favourable to Obama in which case he’ll take the credit!

If we’re going to correctly understand the American political scene these days, always remember these to VERY important formulas…

Good News = Obama did it!
Bad News = Bush’s fault!

Got that, folks?

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Ironmaan
Posted on October 3, 2012 at 5:04pm
Regulation, job loss, currency debasement…here’s how it ends. http://guerillatics.com/?p=39902

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Cavallo
Posted on October 3, 2012 at 5:00pm
Just wait until the hyper inflation kicks in! Won’t THAT be fun?

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right-wing-waco
Posted on October 3, 2012 at 4:53pm
And……… how many jobs were lost, hmmm?

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DarkJello
Posted on October 3, 2012 at 4:45pm
Everything is fine, don’t look behind the curtain, we will save you…

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nobull14
Posted on October 3, 2012 at 4:30pm
As Oblamo Keeps telling everyone { You Must Learn The Peoples Way }

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lylejk
Posted on October 3, 2012 at 4:29pm
Can’t wait to hear the lies about the jobs situation Friday. I do believe Americans do know reality, but I can’t be 100% sure since the media has been feeding lies to folks for way too long now. Regardless, the government will lie to our face and say all things are rosy Friday. :)

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NativeCollector
Posted on October 3, 2012 at 4:28pm
Wow, I just read this here http://fundamentalrefounding.ning.com/ and it linked me back to Blaze! It isn’t even up on the RSS feed they have there for the Blaze. That is a nice group of patriots, really sharp! I usually find the stuff there before it is on the cable news, or the pundits bring it up.

This is pretty pathetic news for our nation. This is a solid ‘domestic policy’ case for discussion on tonight’s debate! I hope Romney goes after Obama the way he went after his opponents in the primaries.

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ricckky
Posted on October 3, 2012 at 4:27pm
I don’t believe a thing that comes out of the white house—every thing is always skewed in the LIARS FAVOR!!!!!!! Then on Friday when no one is paying attention–the numbers are adjusted downward. I am shocked that they didn’t somehow show unemployment below 8%—The economy is so much worse than the dem ilks will let on–but oh well-the media won’t ever report the truth anyway!!!! A month before the most important election in the history of man kind and the sociopath still has favorable numbers after reports like this. It’s beyond me how stupid the American people are.. Again I say–and I quote Newt Gingrich–”The dems can LIE better than the Republicans can tell the truth” What a sad state of affairs we are in!!!

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Gary_K
Posted on October 3, 2012 at 4:26pm
Hey, dont worry, once Ocare is impliment and we have rationing a lot of people will die that will,

create new grave digger jobs.

lower the unemployment rate by killing the population off.

So ya can see, there is a brighter future. / sarc off

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- Outlaw_Josey_Wales
  Posted on October 3, 2012 at 8:39pm
  Now that’s a shovel ready job.
  
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Gary_K
Posted on October 3, 2012 at 4:17pm
And the “funny” thing is, barry has the unemployment rate calculated a new way and it shows once again that the rate is down.

Lies, more lies and damn lies…..it’s the communist way.

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sweens
Posted on October 3, 2012 at 4:08pm
At this pace, it will only take 20+ years for everyone unemployed to find a job. Awesome.

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- sweens
  Posted on October 3, 2012 at 4:13pm
  Actually, I’m wrong. It’ll only take around 15 years. Awesomer.
  
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Maxim Crux
Posted on October 3, 2012 at 4:00pm
1.3 % GDP is less than 2% GDP. It is a Depression. Call it what it is. These economist are corrupt cowards for not telling the truth.

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- BeeDee
  Posted on October 3, 2012 at 8:52pm
  It’s a negative recovery. Double plus ungood!
  
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Anonymous T. Irrelevant
Posted on October 3, 2012 at 3:57pm
Dear Lord, please put an end to the career of the illegal Kenyan and his evil cohorts.

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Snowleopard {gallery of cat folks}
Posted on October 3, 2012 at 3:57pm
Now watch for Obama to suddenly have a massive ‘recovery of jobs’ in October; and of course the MSM will help him with the propaganda while the nation plunges forward into perdition while Obama remains at the helm.

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- Popp40
  Posted on October 3, 2012 at 4:22pm
  Snowleopard…..of course he will have a recovery of jobs in Oct…….he had the “stats” already written last year to show this…don’t be surprised if the unemployment rate drops to -2%, and the oceans will retreat and all the birds will sing at once (and they will all be singing Barrack Hussian Obama UMMM UMMMM UMMM).
  
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Sharon Rose
Posted on October 3, 2012 at 3:48pm
God help America before we fall off the cliff~~

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- Annette Burns
  Posted on October 3, 2012 at 3:56pm
  Amen
  
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- Benjy
  Posted on October 3, 2012 at 4:18pm
  Amen
  
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- Popp40
  Posted on October 3, 2012 at 4:23pm
  Amen
  
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