ADP printed at a massive miss of -39K compared to a median consensus of +20K (range of -44K to 75K) . And the cherry on top: the previous number was revised from -10K to +10K, for a monthly swing of a whopping 49K.
Bipartisan criminality behind it
The Treasury Department expects to lose $29 billion on the federal bailouts stemming from the financial crisis, with most of the losses in its housing finance program and the auto rescue.
Faced with deep budget deficits and overextended pension plans, state and local leaders are increasingly looking to trim the lucrative retirement benefits that have long been associated with government employment.
Putin is rebuilding the house of Russia while the US administration and Congress is building a house of cards. And a flimsy house it is too. In an amazingly Reaganesque move, Putin is steering Russia towards an economic climate that echoes the US
Recipients of Food Stamps jumped 18 percent from a year earlier and increased 1.4 percent from June, the U.S. Department of Agriculture said today in a statement on its website. Participation has set records for 20 straight months.
Sorry kids, we just report the news... as ugly as they may be. After last week saw an insider selling to buying ratio of 1,411 to 1, this week the ratio has nearly doubled, hitting a ridiculous 2,341 to 1.
Chart is the SPX, white line is the dollar by comparison. That's where the ramp the last month has come from. That's an overt currency devaluation - 7%.
President Obama said the United States was facing an "untenable fiscal situation" and would have to get serious about tackling its federal deficit. The US budget deficit is forecast at a record $1.47 trillion in the fiscal year that ended in Septembe
14 ways to dismantle a monstrous government, one program at a time
"The real problem that exists is people just having credit ripped from their wallet. That's a social adjustment that we're going to have to deal with," said Whitney. "If you had money and you don't have money anymore, that's a traumatic experience.
A new government report says the stimulus was virtually free of waste, fraud, and abuse. This is supposed to be good news. [Cohn's] not so sure.
This is partially a retread of what she said last week, but Meredith Whitney on CNBC says the banks will have one more decent quarter before we start to see new deterioration of credit quality, thanks largely to declining home prices.
Strip away the political correctness, Chapter 3 of the IMF's World Economic Outlook more or less condemns Southern Europe to death by slow suffocation and leaves little doubt that fiscal tightening will trap North Europe, Britain and America...
Filings were up 11% over the first 9 months of the year compared to the first 9 months of 2009.
The 2010 decline had already exceeded the length of the complete 2008 contraction cycle — the combined contraction and recovery. Now it has exceeded the depth of the contraction as well. (The contraction is now 263 days long.)
The orders-to-inventory ratio is all the way back to January 2009 levels, when the economy was knee-deep in recession. All we can tell you is what the historical record says - at this level in the past, the economy slipped into contraction 75% of the
This is a month by month checkup on the nations economy. The time series starts when everything was fine, in June of 2005, and goes until now.
Jed Graham explains how Government Propped Up Personal Incomes In August. Government transfer payments accounted for 60% of the increase, and the government share of personal income crept further into record territory...
We are likely completing a weak Kitchin Cycle (inventory rebuilding) as a part of the simultaneously downwardly converging Kondratiev Cycle (Long-Wave), the Juglar Cycle (fixed investment), and the Kuznets Cycle (demographic swings).
A single trader executing an unusually large and fast sale using a complex computer algorithm triggered the so-called flash crash that sent the Dow Jones stock index plummeting nearly 998 points in a matter of minutes on May 6, a new report from two
Our entire consumer society has been built upon a foundation of lies. The biggest being the idea that you could get wealthy without saving; the other being that you were wealthy if you owned stuff that made you look wealthy.
Are you ready for rampant inflation? Well, unfortunately it looks like it might be headed our way. The U.S. monetary base has absolutely exploded over the last couple of years, and all that money is starting to filter through into the hands of...
A study of the symbols of alchemy reveals how the modern economic system of fiat currency, fractional reserve lending, taxation, and labor price controls lock us into a system of servitude and distorts our perception of time. Just as alchemists chang
The latest episode of The Invisible Hand features Tracy Twyman's recent interview with Karen Emery of Del Valley Silver, an asset-based barter trade system.
f left unremedied, the Senate's failure to act will cost the United States 1.9 million jobs - including 600,000 in the 10 states with joblessness in excess of 10 percent. The report documents that, in the nearly two months since the Senate failed to
In Studio - Author of "The Dollar Meltdown" - Charles Goyette
Be Afraid, Be Very Afraid, The "experts" are running the economy, says Tom Woods - Liberty, Guns, and Weed - Ron Paul's Pledge to America
A record high 43 percent of American shoppers plan to spend less during the last quarter of the year than they did in 2009, while only 11.0 percent expect to spend more this Christmas season, according to the group's research.
Whitney really does her homework (one of the few on the Street that does) before throwing out numbers like this, so you have to think she is probably right in the ball park as to what is going to happen.