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FBN’s Liz MacDonald discusses ADP’s jobs number revisions from 1.5 million to 1.2 million jobs created since January 2012.
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Bailouts moving on the jobs front weekly applications for unemployment benefits dropping 9000 to 363000.
And -- private indicator of unemployment is revising the way.
He calculates its data and things -- could get messy all of this of course ahead of the big jobs report coming out tomorrow.
Which is just four days and before the election Elizabeth MacDonald is here.
Bottom line -- -- -- when it comes to these numbers good luck and missile.
Yeah that's right and it's been so confusing for the viewers that we're gonna cleared up what happened was ADP which is the big payroll processor.
They put out a monthly jobs report that is watched on Wall Street.
Very knows it's pretty volatile they didn't realize how volatile though because ADP just revised its numbers in other words have moved hooked up with.
Moody's analytics and -- a revision back to 2001.
What happened was when -- doesn't want to doesn't want some -- of from January to now.
They realize that hey you know what we possibly could have overstated their jobs monthly jobs figures.
By 341000.
Citi revised -- lower by 24%.
So instead of one point five million jobs created since January it's actually one point.
Two million jobs.
On a monthly basis that's a 133000.
Jobs a month.
Not -- previously reported 167000.
Jobs I'm telling you this is a big debate.
And a big tempest going on and Wall Street with the beat street economists I'm talking to.
And we've got reaction from an analyst named David -- -- forecasts he too is grappling with the numbers here's David -- take a listen to what he says.
There are five states -- -- small consistent with the US nonfarm payroll data released by the US Labor Department.
And weaker than the ADP numbers previously suggested.
That's key weaker than what ADP have previously -- justice so had a we read the government report tomorrow right -- right so -- what -- -- -- economy economists are saying seven point 9% unemployment -- -- 125000.
Jobs -- still not great still not -- you -- need -- much right.
And so that's it's no effect really not improving much that that's -- -- back to take away.
Challenger gray and Christmas those saying.
41%.
Increase in layoffs last month so it's a mixed jobs picture and ADP just -- -- more aware it's -- that -- is coming in.
And look at back to his name is -- continued to -- murky.
France may see -- -- is about the right yeah that's right you -- thank you so sure.
