New ADP Count Slashes Job Creation for September, Schoenberger quoted on CNBC

Revisions to the way payroll data firm ADP counts private sector job creation have resulted in a sharp drop in the September employment count.

ADP’s new calculations put the monthly job creation at just 88,200, down from the 162,000 the firm originally reported earlier this month.

The firm recently has entered into a partnership with Moody’s Analytics that will change the way the private payroll count is calculated.

The new private payroll count now is actually under Labor’s September job creation total of 114,000, 104,000 of which came from the private sector. The unemployment rate dropped last month to 7.8 percent, as the government said the total number of new workers swelled by 873,000. (Read More:Consumer Prices Rise on Energy Surge; No Pay Gains)

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Stocks Gain After Jobless Claims; Sprint Up 20%

Stocks climbed Thursday, with the S&P 500 looking to snap a four-day decline, after jobless claims dropped to their lowest level since 2008 and following a bullish report from Citigroup on U.S. equities.

“We’ve had a tremendous amount of selling so there’s been a lot of pent-up demand,” said Todd Schoenberger, managing principal at The BlackBay Group. “There’s more of a momentum shift to go lower, but you have some positive news with jobless claims and bank earnings coming up. You’d be a fool to be on the sidelines in the next two days.”Read More

Jobs Report May Mean More to Presidential Race Than Markets

Traders say Friday’s jobs report may have more impact on the presidential race than the markets, though investors will still be watching closely.

Economists expect employers added 113,000 jobs in September, while the unemployment rate edged up to 8.2 percent from August’s 8.1 percent, according to a Reuters survey. Friday’s report will be the second-to-last before the November election.

“Because of [this jobs report’s] juxtaposition to election, there will be significant political ramifications, perhaps more so than for the market,” said Art Hogan, managing director at Lazard Capital Markets. “Politically, anything that pushes the cause of the Romney camp forward could have a positive effect on the market.” (Read More: Wall Street Hopes for Romney, but Expects Obama to Win.)

In Wednesday night’s debate, Republican challenger Mitt Romney sharply criticized President Barack Obama over the tepid pace of of job creation. Although layoffs have declined, employers have been hesitant to hire because of uncertainty over who will be the next president, as well as the impending “fiscal cliff” at year-end.

“How we avoid the ‘fiscal cliff’ is impossible to know without incorporating the concept of who’s the next president,” said Hogan. READ MORE

Futures Rally After Jobs Data; Rate Hits 7.8%

U.S stock index futures added to gains Friday, after the S&P 500 logged its 4th-straight win streak, after the government jobs report added slightly more positions than expected.

Employers added 114,000 jobs in September, according to the Labor Department, and the unemployment rate fell to 7.8 percent, dropping below 8 percent for the first time in nearly four years. The rate fell because more people found work, a trend that could impact the presidential election.

Economists polled by Reuters forecast non-farm payrolls rose by 113,000 in September, versus 96,000 in August.

“Everyone’s focused on the rate dipping below 8 percent—it’s not a magical number…it doesn’t make people feel better about the economic situation,” said Todd Schoenberger, managing principal at The BlackBay Group. “September is historically a strong month for jobs and the headline number was a complete disappointment.” READ MORE