...the Friday payroll report is going to disappoint.

Nonfarm private employment grew 48,000 from June to July of 2007 on a seasonally adjusted basis, according to the ADP National Employment
Report TM.

This month�s ADP National Employment Report suggests a deceleration of employment. The three-month average change in nonfarm private employment from May to July is 96,000, which is very close to the ADP Report�s year-to-date average monthly employment change of 91,000.

In July, employment in the service-providing sector of the economy grew a moderate 89,000, while employment in the goods-producing sector declined 41,000. This marks the eighth consecutive monthly decline in the goods-producing sector. Employment in the manufacturing sector declined 23,000.

Makes you wonder what that sentiment number was measuring.

And maybe the car industry is just having a bout of gas, but I don't see confidence there either.

Labels: economics