Showing posts with label ADP. Show all posts
Showing posts with label ADP. Show all posts

Friday, October 2, 2009

Globally Off Balance with Phil Flynn


Globally off balance and no, I am not talking about Mahmoud Ahamadineajad, though I could be. No, what I am talking about is a perceived imbalance in the strength of the US economic recovery and the perceived strength of the recovery in the rest of the world. Yesterday the global commodity markets were knocked for a loop when it was reported that the Chicago Purchasing Manager report came out a lot worse than expected and that the ADP jobs report is still showing labor weakness. What made matters worse is it came out after stronger than expected economic readings in the UK, Germany, Australia, New Zealand and good readings in Japan and China.

This raised concerns that the US is lagging the rest of the world is in a rebound phase and may force the US to be kept on the stimulus lifeline longer than some of the others. This imbalance on the last day of the quarter helped smash the dollar and sent money scrambling to find a place to profit or at the very least seek cover. It is obvious that today’s economic data, especially today’s ISM Manufacturing number, should be determining the next big.....read the entire article

Wednesday, September 30, 2009

Oil Declines on Concerns U.S. Economy Struggling to Recover

Crude oil in New York fell after an unexpected drop in U.S. business activity and as companies cut more jobs than estimated, adding to concerns over the pace of revival in fuel demand in the biggest energy consuming nation.

Crude oil pared some of yesterday’s 5.9 percent gain after the Institute for Supply Management Chicago Inc.’s business barometer trailed economists’ estimates. Companies in the U.S. cut payrolls by a greater than forecast 254,000 jobs, a report from ADP Employer Services showed, indicating the labor market will be slow to recover.

“The poor economic news suggests oil should not go too much higher in price, because the U.S. economy is not improving as quickly as hoped,” Mike Sander, an investment adviser at Sander Capital in Seattle, said in an e-mail. “The economy is still in dire shape”.....read the entire article
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