I would like to start today by pointing out an error I made yesterday. I assumed that since March was not finished with us, that the ADP jobs report for March would not be issued until next Wednesday. I guess ADP figures the last few days of the month don't matter so long as they get a report out two days prior to the BLS report for the overall economy issued on the first Friday of the new month.
From Reuters on today's (Wednesday, March 30) ADP report:
(Reuters) - Private employers added 201,000 jobs in March, while February's figure was revised down slightly, a report by a payrolls processor showed on Wednesday.Of course, Mr Katz is not accounting for the loss of jobs in the public sector. And there have been job losses in the public sector this past month.
The data was largely in line with expectations. Economists surveyed by Reuters had forecast the ADP Employer Services report would show a gain of 203,000 jobs. The report is jointly developed with Macroeconomic Advisers LLC.
February's figure was revised down to 208,000 from 217,000.
"Basically the number was very much in line with expectations and shows that the labor recovery continues at a reasonable pace," said David Katz, chief investment officer at Matrix Asset Advisors in New York.
But there have been a few articles I've seen during my daily surfing of the toobz, from today and earlier, that tell us a bit more about the state of the economy than the ADP report and the words of Mr Katz can tell us.
First up is this article from today's Hartford Courant on New London, CT schools that are now providing free suppers (to go with free breakfasts and lunches) for students from low income families. From the article:
While many schools across Connecticut provide free or reduced lunch and breakfast to students from low-income homes, New London was the first to provide supper, too. Bridgeport recently launched a similar program, and Norwich is considering it.My bold. Note that these are children where parents are working - and still not making enough to be considered above the poverty line. From the 2011 HHS guidelines, for poverty, a family of three (a single mother and two children), the poverty line is $18.5k per annum. This works out to $8.90 per hour for a 40 hour week, 52 week year. The current federal minimum wage is $7.25 per hour (Connecticut's minimum wage is $8.25) for the math challenged. Since New London, CT is also the home of the Naval Submarine Base New London, I wonder if there are any active duty families affected here?
In New London, where 85 percent of students live in poverty and 60 percent come from homes with single parents — some working multiple jobs — the free supper has already proven popular. Since it started a month ago, the number of diners has doubled to as many as 120 on some days.
Besides Connecticut, the federally funded program is offered in 11 other states and Washington, D.C. It is aimed at schools where at last 50 percent of students qualify for free or reduced lunch programs. In Connecticut, 33 school districts have schools fitting that description.