adp has a 3.4% yield. that's small. story that caught my attention, made me think of this was in "usa today." paychecks says sales are going to grow at 12%, adp only 8% to 10%. paychecks has been adding clients faster, so when employment picks it may have already handled the number of paychecks handled by paychecks, well, i think explode. you want to play on the end of a recession that isn't in danger of being skwaured by an overzell russ federal reserve that's going to take rates higher? adp and paychecks even benefit from a stronger economy and higher rates. you know me, i love dividends. paychecks has a whopper. it will do well even if gentle ben becomes the ben who palled around with bill lard. and if were you, i'd dump adp right here. >> caller: boo-yah, jim, it is a pleasure. >> what's shaking? >> caller: i love the show. you are the voice of reason and experience. >> well thank you. i come out here every night and think, well i've been around. i ought to have learned something by now, right? go ahead. >> caller:

at 8:15 adp numbers.se are very important because it could give us some indication as to what to expect friday when we get that big jobs report, economists when it comes to adp looking at a drop of 350,000 private sector jobs. >> procter & gamble out, ahead in fiscal quarter sales, $18.66 billion. light. there were challenges for the year. they sold folgers to smucker. the estimate for fourth quarter -- they must mean first quarter, i think. they are talking about -- i think that's a mistake. fourth quarter 95 to $1, next quarter which is the first quarter. this the fourth quarter. the stip is for $1 for the fiscal first quarter of 2010. i think they are saying 95 to $1. the writer said -- >> let me take a look. >> i don't know if it will be in there. >> they just finished their fiscal year. >> that's above, revenue below. we're going to talk to cfo of procter & gamble to ask questions. one thing that helped was lower commodity prices. one thing that hurt was the global -- the dow was not quite as bad for

the private adp forecast shows the u.s. economy lost 371,000 jobs last month. to keep up with population growth, economists figure the u.s. needs to create 130,000 jobs a month. in a recovery, the u.s. should create something like 300,000 to 400,000 a month, enough to begin reducing unemployment significantly. that means the country won't recover the jobs lost to this recession until somewhere around the year 2014 at the earliest. economist dean baker says it won't be easy to replace the jobs lost because the recession has slammed housing and auto manufacturing, two sectors that usually drive the recovery in hiring. >> in the case of residential construction, we have enormous over-capacity. it's very difficult to imagine any significant increase in employment in that sector for years to come. in the case of autos, we can see increased demand, we probably will see increased demand, but a lot of that demand is going to be for foreign cars right now. >> reporter: of course, the economy will eventually create enough jobs to make up for those lost in the great reces

this is the adp report on private payrolls. mine with us 371,000. economists had expected 350,000. it's the best number we've had since october since the change here. 467,000 is the estimate for private and payroll losses -- private and government losses for the bls report which comes out this friday. let's look at the year over year -- maybe we're not going to look at that, but you have a sharp decline and pretty sharp improvement. this is -- we were doing 700,000 job losses at the worst level here in the month of march. looking at it by company size, small businesses 138 those, medium 160, and large businesses 74,000. the kind of industry. and what you see there is the goods producers still down again and they have been down for a very long time, but down less than they had been. the service sector lost 202,000 jobs. no one wants to say losing those jobs is a good thing, but compared to 700,000, viewers can make their own judgments. >> thank you, steve. >>> our reporters as usual are ready to go. bob pisani at the big board, and robert. >> futures did drop a bit. drop losses grea

adp allowed for us to widen that number. i think before that we are looking substantial lawyer than that. but i think adp widened the scope a little for us. >> a lot of times we have seen most recently that these numbers are coming in a lot worse than expected. what will that do to the bond market tomorrow, rick santelli? >> before we get to that. i think i have a big bit of news here. i started asking trader what's they thought but i ended up on the phone with charles biedermann from trim taps. there's something unusual going on. larry, listen to this. there could be a benchmark revision from job loss from january through the end of may to the tune of 500,000 to a million more job losses because -- larry was talking about how income has been falling. well, it's interesting. the bureau of economic analysis, instead of using realtime withholdings data, they use unemployment insurance and sometimes it's six months old as in this case. so they overestimated withholding is huge. while with holdings are much more dramatically low

the private adp forecast sws thu.s. economy lost 371,000 jobs last month. to keep upith population growth, economistsigure the u.s. nee to create 130,000 jobs a month. in a recovy, the u.s. should create somhing like 300,000 to 400,00a month, enough to begin reducing unemployment significantly. that means t country won't recor the jobs lost to this ressiotier the year 24 at the earliest. economist an baker says it won't be easy to replace t jobsost because the recession has slammed housing and auto manufacturing, t sectors that usually ive the recovery in hiring. >> in the case of residentia constructionwe have enormous er-capacity. it's very difficult tomagine any significt increase in employment in that sectofor years to com in the case of autos, we canee increased dema, we probably will s increased demand, but a lot of that demand igoing to be for forgn cars right now. reporter: of course, the economy will entually create enough jobs to make up for tse lost in the grt recession. but those jobs maylso be in diffent industries and many of the spific jobs t

the second number that came out a little light, adp private employment survey. it is what it is, doesn't correlate perfectly with the payrolls that will come out friday. it is a private payroll survey and came in a little bit light. people were looking for something a little stronger, that is easier, less jobless. you know what, it's still the lowest job loss number in nine months, i think it came in around 370 and people looking for minus 350, still the lowest in nine months. that sets the stage a little bit. we'll come back to other stuff in a second. ken langone, are we in a recovery, headed for a recovery? >> eventually. >> in my lifetime? >> i think so. >> soon? >> soon? >> where do you come out on this. >> i'd like to see us have a slow and constructive recovery. i think right now, there's an also lot of hype. >> hype? guys like me. >> not so much -- >> i'm just reading the numbers. >> don't be so defensive. >> what about the stock market rally? >> the stock market will do what the stock market wants to do. i have to look at stocks as representation of ear

i think they looked at the adp number.on the floor is that adp rose off its number based on private payrolls. so they probably, if they're going to miss anything they're going to miss government layoffs. we think they're accelerating. there's a chance that it could be a business worse than expected, if you're extrapolating from the adp number. >> government layoffs aren't bullish? >> well, in ordinary times, joe. you and i would be on the same side in that. but some of those people are actually consumers, and they're not going there. as becky just extracted from dana, the margins change, not the sales. that's another case of better earnings through cost improvement, not through growing sales. that's not going to be sustainable. that's a one-time event. >> with what you've seen in the past, art, how long can the market continue to advance when everything is above its moving average? everything is above a 200-day moving average almost across the board? what's the longest you've ever seen where that just keeps happening and p

>> we've got this adp report.e used to sort of brush that report aside and wait for the monthly nonfarm payrolls report which is coming out on friday. but because jobs are so important right now, we are looking at the weekly reports and looking at this adp private sector payrolls report as a little bit of a tell before we get to friday. that may move the market this morning. we'll also look at inventories for crude. crude has been on the move down a little bit yesterday, down a little bit right now trading at about $71 a barrel but we'll look at the invent toirdz and see if that moves the needle and brings that back down. >>> your stock of the day is a corporation not too far, discovery communications. >> discovery communications anumberred a great quarter last night. i mean the fact that they have a 1% increase in rating across the board in their network which is discovery channel, animal planet, tlc, they've also actually been able to raise revenue from ad spending which is almost unheard of in this environment

the latest adp employment report shows a loss of 371,000 jobs from private sector and that is the smallest monthly loss since october. the report was better than economists earlier predicted of 350,000 jobs for the month of july. clearly, if you're unhappy with your job you need a solution that doesn't involve giving up your paycheck and re-entering an already unstable job market. the managing editor of yahoo hot jobs joins us now and you've got some really interesting advice, tom. i want to tell viewers out there, recent survey according to a recent survey some 54% of workers said if i could leave my job i would and what's more as soon as this economic downturn is over i'm going to look for a new job. are you surprised by those numbers? >> no, i'm not. a lot of people have difficulties in their jobs. they like to complain about their jobs. but given the tough environment we're in, they feel kind of stuck. >> right. >> that's the main feeling they have is they're stuck in their jobs. >> let's talk about some of the problems and how you should fight back against them. if you have a bad boss

the july reading on private sector employment from payroll services firm adp is due in the morning. employers are expected to have cut 340,000 jobs from their pay rolls. key reports on the service sector and factory orders are also due. meanwhile, you still have time to clunk your car into labor day. democratic leaders say the senate will join the house into pumping more money into the cash for clunkers program. so far the government says 157,000 people have taken advantage of it, at a cost of taxpayers, $664 million. the administration has released a list of the top ten vehicles purchased under the popular program. all but one are either hatchbacks or sedans. while the top ten clunker trade-ins are all-american-made trucks and suvs like the ford explorer, ford f-150 and jeep grand cheer krokee. >>> this is dramatic video of a police raid in south korea this morning. police commando descending from a shipping container carried by a helicopter, they stormed the south korean auto plant where hundreds of fired autoworkers have held out in a battle with management for two months. police

that's the message from payroll services form adp's report. the private employer slashed 371,000 jobs last month, but that number was higher than expected. the losses are a clear improvement over earlier months. between april and june, monthly employment losses average near 500,000. but another report by an outplacement firm showed companies planned to hand out more pink slips in july for the first time in six months, putting investors on edge about the official government jobs report for july due out tomorrow morning. >>> the senate will vote today on refueling the popular cash for clunkers program with $2 billion. senate majority leader harry reid said the democrats have enough votes to pass the bill, meaning consumers could take advantage of the rebates of up to $4,500 until labor day. >>> at six miles an hour, you wouldn't think a tap to your bumper would be a big deal until you find out the cost to fix it. among the most popular midsizeded cars from the insurance institute for highway safety, the mazda 6 was the only one to score an accep

after that report, the big focus will be on jobs, on wednesday payroll from adp is expected to report that a quarter of a million non-government jobs were lost last month. thursday's weekly report on jobless claims will fall as well. and then labor department puts its official stamp on friday, and then job losses in august, government, private alike, expected to show a decline of a quarter of a million and the unemployment rate could hold study of around 9.5%. >>> on thursday we will look at how back-to-school shopping is shaping up. and nokia rolls out a new net book p.c. >>> and no more dinnertime enter ruptions. the annoying robo calls should be a thing of history. i will believe it when i hear that. >>> a lot of people paying attention to the numbers in the weather department as well. >> yes, they are going up now and then down later, just like the stock market. up and down, all over the place. what is important, it's back to work and school time, everybody. we will have a complete check of the forecast cominges tant agmess.esr the most impor nt messages. >>> this is our time to w

we'll get the preview from adp. right now, we've got the ten-year note at 3.63%. steve. >> you're not the only one who always has food on the brain, let me tell you. elena joins us today. plenty of data to discuss. before we do that, i want to see if we can draw anything out about this debate about qe, quantitative easing. >> quantitative easing has been very successful in global markets. first, it has been a successful tool to fight off deflation expectations and second, it has been a successful mechanism for financial stabilization. the economic outlook has change dramatically. fund managers are now allocating funds towards credit bonds, emerging markets, commodities and other risk assets. however, the detail here is that fund managers are buying and selling after increasing prices. we've got the s&p up at double digit levels in the last two weeks. it's up over 50% since the marleau and that is way ahead of the improvement we're seeing in the real economy. one area that it has failed to address the underlying causes behind the crisis is the discorruption in cred

on wednesday we get the adp employment report. thursday, jobless claims..ads up to friday's big number for the jobs data. right now, let's set up the week with rick santelli and john brady at the cme group and steve liesman in studio and our guest host, richard bernstein. rick, we haven't heard from you so why don't you weigh in, tell us out of all those numbers, what's going to be be the most important? the jobs? >> reporter: i think the unemployment rate. prior to the credit cries, the unemployment rate was the fodder of the 6:00 news. not that there's anything wrong with the 6:00 news, but pretty much an overview, easy to get your arms around. now the same dynamic plays to the population at large and the psyche of the consumer.r. and i think some of the anxieties out there. so that's what i would look at. also keep in mind, the current programs in place, cash for clunkers, one, whether it's renewed or not, is going to make the future that much more doisy to protect. there are short-term issues going on that could elevate certain metrics but in the contex

apart from this, we've got also some strong numbers from adp. the company posted almost a 6% rise in sales for the first half of the year despite a 6.4% decline of passenger traffic in the same period. the company maintained its guidance for the full year, expecting a slow but growth of its rough in 2009, thanks to higher fees and better savings per passenger in the duty free shops in the main paris airport. the stock is up and also air france klm is up 1% right now. the banking sector also is doing well today despite the latest comments from the budget minister. in a tv interview yesterday, it was called for tighter regulation in the banking sector to make sure that the banks are lending enough to companies and also to make sure that they are not paying excessive bonuses to a small number of employees. all the banks are in good shape today. now to singapore with saijal for a wrap on the asian markets. morning, saijal. >> good morning to you, ste pan. apart from the comments of the fed are helping to lift the asian markets here. big turn around

labor market, adp says private sector employment fell by 371,000 jobs in july. it is the smallest decline we've seen in that indicator since october. >> we'll talk about markets because commodities have been on a tear. and one of the commodities i've been noting is the soybean market. part of that and maybe ron you can talk more about this. part of this -- >> expert on soy beans. >> i know you follow china and follow the command in china. one of things is the revisions on soy beans continue to go up. the supply continues to be con strained by weather problem. where china is demanding new goods, we're seeing them demand new goods in the soy area. >> as soon as china hits the wall, when it comes to the restocking of raw materials which may be in the relatively new future, you have to be careful. copperen never spiked up. i would be a little careful given the run we've seen thus far about jumping on a train that left the station many months ago. >> restocking for what. >> part of the stimulus plan, buying raw materials. >> they may be overbuilding or have their eve

i think it was wednesday we talked about the adp numbers but now we have the big one, the nonfarm payrollpecting this morning? gentleman for right or wrong reasons, whether it really should have that big of an impact on the market, i think it will. that comes out at 8:30. the monthly report is coming out. it could be bad, it could be bet are than expected. we'll have been an hour's worth of time to die swreft it, to look through it with a fine tooth comb and then bell rings to open up the market. # 0,000 jobs are expected to be lost. unemployment rate is expected to climb from 9.5% to 9. #%. that is much slower a pace -- to 9.6%. that is much slower a pace. if it comes in # 50,000 jobs lost, it might be seen as another one of those green shoots and the markets might go off to the races again. >>> talk about retail sales, we're starting to see some of these numbers coming in as we look towards the fall and back to school shopping season. >> en was nervous yesterday about this jobs report -- everyone was nervous yesterday about this jobs report. we got some vices even though everall it was

but the adp report came in weaker than economists were expecting yesterday.we're still balancing. it's still unclear what we can expect when we get tomorrow's big jobs number from the goldman. let's get some answers. joining us now is jim paulson, chief investment officer wells capital management. marty, what do you look for tomorrow? >> i'm looking for a down 375,000 or so, give or take 20,000. we saw a decent adp number. seen some pretty steady improvement in the initial claims numbers. again, this morning as well. so i think we're going to be on an improving track. i would be very surprised if we caught a number like we did a couple months ago at 3.25. >> improving in that we're not getting bad fast? >> things are still declining until job market but nowhere near as fast as they were. first quarter average was 691,000 per month. you know, that's -- that's a free-fall. we're not there anymore. >> paulson, what about you? >> i guess i don't have a hard and fast testament for the number tomorrow, mark. i guess i think it comes in around consensus. the thing t

economy lost 371,000 jobs last month according to the latest report from the adp.hat was more than economists had been forecasted but considerably less than losses seen in recent months. the u.s. services economy contracted, so you know, it's sort of a mixed message there. not always the greatest thing to see partially why stocks are lower right now. we've been talking a lot about this cash for clunkers program and how much it's helped the automakers, but ford's north american sales chief says he doesn't expect sales to fall off sharply once the program ends, even if ford has benefitted the most of all, posting it's first monthly sales gain in two kweerz years. gm's chairman is laying down the lay. he says the automaker must not lose the number one spot in u.s. sales. gm controls 19% of the u.s. market ahead of toyota. fritz henderson has the board's support, but he has to show those results. >>> sony is unveiling two new e-book readers today. it has a five-inch screen and costs $100 less than the kendall device. the other devices have a tough screen allowing users

>> that's above my pay grade but i would say make sure tomorrow adp comes out, larry. if we hit a good number, the market has to keep liking it. the traders are not going to want to see the market fail after good news. >> jobs are the achilles heel of my recovery story. this is very very important. kevin and jim, thank you. you're terrific. >> president obama held a powwow at the white house with senate democrats today, i guess he forgot to invite the republicans. however, we have invited cnbc hampton pearson to give us the inside scoop. hello, hampton, cash for clinkers, cash for clunkers, what do you make of it. >> clinkers or clunkers, president obama summoning the democrats to the white house dachlt they emerged after a pep talk from chief and harry reid saying the senate would add legislati legislation, adding billions more for the cash for clunkers this week. the real focus of that white house meeting was to brace lawmakerses to face the wrath of voters over health care return when they return home on the month of august. majority leader harry reid said the presi

and on on the jobs, the adp looked a little light to some people, but actually that is the smallest drop in nine months. so you could construe this being quite optimistic. how are you going to play it? >> still losing jobs and aren't we only profiting from cost cutting? we aren't seeing revenue increasing here. we're not seeing a turnaround in the jobs market. or really even the housing market. we are just seeing a throw down of the ra -- slow down much the rate of decline. we're not there yet. we're in a nice bear market rally, it's a bounce that you see all the the time in these types of cycles. enjoy it it's good. it's a nice little valuation bounces, but up you see that top line -- revenue growth, you really can't get that optimistic. >> but one of the reasons why a lot of people think that outlooks are wrong is because septemberment from the third quarter looks like it's going to come in better than everyone expected. sentiment a higher than it was before we got these recent numbers. fridays numbers will be huge. >> i think it's huge. and i look at the world through number fundament

the adp employment report wasn't great.got a ism index report on the service economy and that wasn't great. we still didn't have a big sell off. so that is somewhat positive. >> speaking of the psychological impact,cysco expecting a drop in profit. does that say anything about the economy at large. >> well being companies like that are really important because involved in almost everything corporate it departments are about. they are the plumbing between all of these network systems. so when they report a bad quarter, i a tell on the economy and how much corporate it departments are spending. john chambers, the ceo, he is very expected and people listen to what he has to say about the economy because he is so important. he said that it looks like this might be a tipping point for the company. and that they might be bottoming and moving forward may positive direction from here. i think that this will actually be seen as a positive when the bell rings here and news corp., our parent company last night after the bell, also ano

adp coming out better than expected, but that doesn't reflect the government layoffs. >> the whisper numbers are getting silly. every guy at that desk has heard the same thing. the let's look at the facts. 18 straight months of job losses starting in january of '08. my opinion is is that the traders in general do not believe you're going to see a shocking number to the upside. however, as we head from trim tabs today, even though there's a big story, i think the biggest story of the week was the huge drop in personal income, down 1.3%. the feeling is that income jobs, the consumption side, that's key. this report, anything with a one handle is going to be perceived as hugely bullish. my call is 350. i think you'll see an uptick in the unemployment rate. butguys, i think you're going to see two months of revisions to may and june. how do you deal with that, in your opinion? >> we don't care. we're already seeing that the consumer is stabilizing. credit card delinquencies are stabilizing. we don't care. because the other data is very -- >> you're looking at the rate of change argument.

. >>> i'm steve liesman at cnbc global headquarters, where tomorrow we're watching for the adp unemploymenteport. economists look for a decline of 350,000, a marked improvement from the decline of 470,000 in the prior month, and the hope is that this continues into friday's overall payroll number. >>> i'm matt nesto. be watching for a busy day in earnings central. tomorrow, proctor and gamble, devon energy, transocean and baker huge. a wild card to watch will be orbit th orbit. then after the close, cisco, prudential and news corp. >> we're going to end the show with some empty calories here. the playmates at the playboy mansion are getting a new neighbor. founder hugh hefner has sold his private residence next door to the iconic playboy mansion for $18 million. of course, in this tough housing market that was $10 million below the original asking price. according to reports, the lucky buyer, anonymous. a wealthy man in his 20s. he'll probably enjoy meeting his new neighbors. i think they are kendra, bridget and holly. that's what the producer in the control room tells me, because he watche

the adp kind of set that up. the market's expecting at least an in-line number. if we were to come in materially short, say, 50,000 or more, and that has happened in the last couple of months, we could be vulnerable to a little bit of profit-taking. i think what's more interesting is the way the consensus expects negative job creation to flatten out very quickly. by october the street's looking for zero. and that ties into the bar being higher in the second half. >> and larry, if we don't get that, if we're still at 250,000 job losses for october, november 3rd -- >> the market's down from here to there. that's exactly right. but the economy has time. we're sitting here in august, we don't know it yet, and we should see -- in fact, we should see positive job growth before the end of the year. but you're right, you have to see that. >> larry kantor and of course alec young, my old friend. good to see you as always here. michelle, over to you. >> all righty. thank you so much, bob. just about 49 minutes before the closing bell. dow jones industrial average and the n

plays to friday's employment report, and tomorrow's kind of employment report eve eve in the form of adp. because listen, viewers, there's all kinds of wild card trades here. the inverse relationship with stocks and the dollar and interest rates gives you a very unique way to trade commodities and play a weak or strong employment report friday. >> absolutely. guys, what's the trade here? i mean, if you see a weak times ahead for the u.s. dollar, that would theoretically be good for those multinationals who said in their latest earnings report that that was an impact as to why they perhaps missed on revenues. yum! brands jumps out at me. >> yum, exactly. i'd like to have that kind of exposure. even walmart has exposure, more than half of their income comes from outside the u.s. there are ways to play it that you don't have to be so -- >> and the bulk of technology names, most of them are way over 50% in terms of outside of the u.s. you've got to like the technology, even more if you believe in that. >> and you could use the currency tied to the australian dollar, why? because it's the com

it could be a little higher on that based on the adp data.hink the adp data is pretty good. >> does it matter much given we think august and september will be much better because of what's happening in autos? >> well, i think that's going to help. but, you know, manufacturing's not going to be a major source of employment. so i think activity is what we're going to get our pick up in production for the rebound. when i hear the recession is just about over and -- >> yeah, the productivity data, you have a real tough recession. this is the toughest. you're real nervous about whether or not it will come back. you've got a bunch of people out there with "w" forecasts so you're very reticent to hire and you try to squeeze your existing work force as hard as you can to get that production pop until you're convinced. that's why productivity is to procyclical. we see a surge in gdp ahead of any material rise in employment. >> people often wonder how the economy will go anywhere -- jobs may improve but real disposable income, the main piston of the en

adp down 2.3%. air france klm, which this morning was 1% higher on the opening is now flat on the french market. mixed session so far for the bank. christine lagarde, the finance minister wants to see moderation at their meeting next monday. in a radio interview against, lagarde said france could set the example. bnp paribas up 4.3% but credit agri goal down 1.2%. what is up in this morning in singapore? let's have a look with adam. >> it's a very interesting trading session in asia for the most of it. the markets were fairly resistant. i have to say, it was a difficult journey to that point. once again, the market focus had been on the shanghai xotit following that dramatic fall we saw yesterday. everybody was watching to see how that market got up today and it certainly was a very rocky ride. we saw the shanghai composite dip in the asian trading session there. but then we saw a recovery in the commodity prices and that helped matters somewhat, pushing up some of the resource related stocks in chi

yesterday in the u.s., the adp data was supposedly hurting the u.s., and in europe, we're having noneof it. we're continuing on our own. >> we need to be a little careful. this is the summer doldrums. there's a lot of people away. europe had a little more catchus to do, obviously, than others. some of those earnings numbers are coming through better than expected. let's get real about the outlook here. right now, you're looking at the united states, unite kingdom sxaul three of those are in the firing line for the moves following on from the sentiment indicators, getting into the reality of bank lending. so far, it ain't happening. we've been traveling easily, comfortably, hopefully since the marleaus. we're 50% up on western indices. but they started back in october. what we need to see right now is more bank lending coming through. and we see commerzbank and blessing says he expects loans to be down. sooner or later, the market is going to stop it. >> with that in mind, why is it that we're seeing this massive rally in the banks still? yesterday in the u.s., bank of america higher b

pending home sales and wednesday, adp. challenger, factory orders and nonmanufacturing.e'll wind our way through jobless claims and decisions from the ecb and bank of england. friday, forecasters expect data to show the economy lost more than 300,000 jobs last month. who knows, with cash for clunkers and auto production that number could come down. >> you're nudging me. you are. we're going to be in washington tomorrow. >> we are. >> going to be in the senate hearings. >> in the capitol building with a bunch of senators. six of them? >> uh-huh. >> going down for health care. but it will be in the middle of cash for clunkers.. after reading all -- >> wait, wait, wait. carl was gone on friday. let me set the scene for him. on friday, i was asking questions, do we really want cash for clunkers? >> i was taking both sides. maybe i didn't realize. i thought you got $4,500 off the price of the car. >> what's the difference if they give you cash? >> because you finance the car for three or four years. so you're paying 200 a month. and the gove

the adp unemployment survey measured jobs with a loss. also, we'll hear from the factory orders.q gained 33 points on tuesday. 2011 is where we'll open the day today. >> the senate is expected to i prove a $2 billion extension for the cash for clunkers program by the end of the week. the senate goes on recess friday. the house approved funding last week. the money should extend the program through labor day. >>> and sony is unveiling two new ebook readers today. the ebook costs $100less than the amazon's kendall. however, neither is wireless, so you have to plug into a pc to be able to dune load down load your book. back to you. >>> here comes the holiday shopping season. another thing to put on the list. >> 142 days away, i believe. >> thank you, courtney. >>> well, we are finding jobs for you this morning. this ford dealership is looking for sales positions. it includes paid training and benefits, including insurance and a 401(k). >>> being a parent is a tough job, it is also an expensive one. for a child born in 2008 it will cost $250,000 to raise that child through the age of

we know what the adp report showed and the question is is whether the government hired a lot more. i think they d tid. the whisper numbers are hanging in there as are the numbers. >> hanging in here. you have to look under the lid and we are seeing weakness in technology, most notably the semiconductors. what's disconcerning to me and other folks out there is it really signaled that tech rally that sparked this whole thing going. right now the stk ock is down b 1 1/4%. what do you make of this? is this that they are losing steam especially that we didn't get the catalyst out of cisco systems that everyone expected? >> i agree with you to a certain extent. but we had a big run up, right. now we wait to see if this is a sell-off or consolidation. if you look at a lot of other stocks, besides semiconductors in the technology area, you look at the rems, you look at ibms, they are consolidating above key levels. if they hold above key levels and resume in the up trend, we can leave over the 1,000 mark. >> we sort of got an optimistic slant here on the desk. you know who else is optimist

mitsubishi in japan and in france -- in west virginia, mountaineer, the austin company, has teamed up with adp to begin installing the chilling of ammonia process. i agree that epa will have to write a regulation and to find halocarbon can be -- and a define house safely carbon can be kept underground. i believe they have already begun that task. the process is well underway. i would reassure you, senator, that our nation does burn a lot of coal. half of our electricity is generated by burning coal. we should leave the path open to clean up that call from carbon dioxide, just as we have been able to clean it up from sulfur dioxide. >> in the same way that i mentioned earlier, the existing arrangement of government influences on the energy market is not a pure state of nature, from which various = interference. there is also not a natural state, legally, on this. the epa has no choice but to take appropriate action under its lawful responsibilities to regulate the emissions of carbon. if we follow that route, which, at this point, is really a given. the highest court of the land has decreed tha

adp says in july private sector businesses recording the smaiflt monthly drop since last october. still they say employers cut 371,000 jobs. that's more than analyst were expecting, gray and christmas is reporting job cuts spiekd 31 percent. the first increase in monthly cuts since jafnlt and the forecast the rate will continue to increase for the rest of the year. u.s. postal service is recording a quarterly loss of $2.4 billion. mail volume dropped by 20 billion pieces in the first moftz first the year. and it expects volume to increase as e-mail becomes the form of correspondence. and the postal service says they expect to lose seven bill yob dollars for the full fiscal year ending in september. for business brief, i'm dan kay. >>> >>> still hearksd judge sonia sotomayor is confirmed. >> judge sotomayor will make an outstanding supreme court justice. why some lawmakers crossed party lines to choose her. >>> it's been a mad house. people everywhere dmomg with their clunkers. wangt to trade them in for more fuel efficient cars. and cash for clunkers gets a >> can president obama

we get adp numbers on friday.wk on the street" is next. >>> consumer spending rose 0.4 of a percent in june. it was more than than economists had anticipated. another key stat out national association of realtors releases june spending on home sales. and gmac loses $3.9 billion for the second quarter compared to a year earlier. that's cnbc news for nous. i'm courtney reagan. >>> live from the financial capital of the world, this is "squawk on the street." good morning, everybody. i'm mark haines, lot going on today after reaching multi month highs, stocks are going to take a little breather this morning while personal income and spending increase. >> and i'm erin burnett, treasury started naming names in h its first stat tut update on the home loan modification. only 15% of eligible home owners were offered a modification from the big banks. we'll get into that in much more detail but obviously the market, marx focusing a little bit of concern on the economy around the world. and on the income side, there was more

payroll protest firm adp says in july private sector businesses recorded the smallest monthly drop since october. still private sector employers cut 371,000 jobs. more than analyst were expecting. separately out placement firm is replacing job cuts spiked 31 percent. the first increase in monthly cuts since january. and the firm forecast the rate will continue to increase for the rest of the year. the u.s. postal service is record age loss of $2.4 billion. mail volume dropped by 20 billion pieces in the first three moftz fiscal year and that it expects volume to decrease as e-mail becomes the dominant form of health cost. and the postal service says they expect to lose $7 billion for the full fiscal year ending in september. for business brief i'm dan kay. >> still head airks court date in the case against baltimore mayor sheila dixon. >> we want dwoont to wait. >> while they say prosecutors are being abusive. and a big vote in the senate today could moft cash for clunkers program back into full weemplet i'm megan gil afnlt how much tax dollars are needed rev things up straight ahead ies

adp test and if it works it will be a permanent policy.ou impact the madness the one i'm living proof. >> clayton: how did this happen? >> alysin: from fifth grade to eighth grade i went to a school that didn't believe in doing homework. we did our work at school then went home and did our own projects and ran around and rode our bikes and ate dinner with our families. talked on the phone or whatever we wanted to do. i love this idea in part. because i think homework has gotten out of hand. you know kids are doing five hours of homework a night. you hear these reports from parents. they come right home from school to have to buckle down and get right to homework. sometimes you can eat dinner with your family and it's taking a large chunk of family time. having said that, if kids are just like the home and watch tv, i occasionally do that from time to time for a long stretches in afternoon, then it would be better if they were doing something more focused. it could go either way. >> clayton: i was in my persons i didn't mind doing stuff at