ADP jobs report 4/1/2009

http://www.adpemploymentreport.com/pdf/FINAL_Report_March_09.pdf

How bad is this? Very. ADP has for the last year been under what the true numbers have been. We are looking at 8.6% this month. At this pace we would see 10% in less then 4 months. Signs continue to point to acceleration of unemployment. I view 10% as massive physiological number.