Per CNBC - ADP Numbers bad

[Laura PourMeADrink]

"Only 119k jobs added in April"

[MannyGoldstein]

1. But the Dow is almost back to pre-crash heights

So, no worries.

(for the top 10%)

[Laura PourMeADrink]

2. Double bonus for Romney. Gets to say recovery too slow, too few jobs, plus he

gets his bank account fattened. More money for Ann to buy $990 blouses.

[leftynyc]

3. Way more than the top 10%

have money in the market. Everyone with a 401k plan has money in the market. I'm thrilled at how the market has performed during Pres Obama's first term.

[MannyGoldstein]

4. 80% of stocks are held by the top 10% nt

[Laura PourMeADrink]

5. Isn't it all relative though? My IRA is 100% composed of stock. It may be a pittance compared

to the entire equity market, but, if the market does well, my IRA does well.

[ProSense]

6. Given that

ADP is typically regarded as unreliable, it'll be interesting to see what Friday brings.

The ADP report was off by about 80,000 in January (showing fewer than BLS) and March (coming in more than BLS):

<...>

The number of jobs added was the fewest ADP has reported in seven months. Stock futures fell after the report was released.

The survey, which covers hiring only in the private sector, has been known to deviate sharply from the government's figures, which wil, be released Friday. For example, the government said employers added just 120,000 jobs in March — much lower than ADP's estimate.

http://www.usatoday.com/money/economy/story/2012-05-02/adp-job-estimate-april/54682794/1

[Laura PourMeADrink]

7. gallup says "US Job Creation Near four Year High"

http://www.gallup.com/poll/154406/Job-Creation-Nears-Four-Year-High.aspx

PRINCETON, NJ -- Gallup's Job Creation Index increased to +20 in April from +18 in March. Net new hiring is now at its best level since July 2008 and is near +26 -- the highest score Gallup has recorded since tracking began in January 2008.

[dmallind]

8. That's a forward looking measure. ADP backward looking

It's no weirder that they disagree than weather forecasts for yesterday and tomorrow (less accurate to boot). Gallup measures self-reported intent to add or shed jobs. ADP measures new jobs already added to payrolls (by a subset of employers).