on wednesday, some of that optimism was extinguished by the payroll firm adp. its report suggested a total boost of 38,000 in private sector, less than a quarter of the predicted figure. fears of a slowdown in the u.s. recovery focusing on the end of q qe2, the bond bonanza. that was due to finish at the end of this month, but the slump may have arriveded earlier than expected. andrew sullivan has more on this. is it a case that we have been talking about a slowdown in the u.s.? has it or does it now look like it's much more severe than we thought? >> i think the worry with this jobs number is if they are not creating jobs, then, yes, the slowdown is not only more severe than we thought there will be more of it to come. the key thing here is that the u.s. investor drives the u.s. economy. and if the consumer, if there are not jobs there are not consumers. if there are not consumers, they're not buying goods from the rest of the world. >> and we've seen the slowdown in manufacturing numbers which would bear that out. just before we move out of the u.s., how does

we just got word from adp, only 33,000 private-sector jobs added in the last month. most were expecting 175,000 jobs. we are going to find out how the manufacturing sector is holding up. we will also hear from automakers who are releasing it to their may sales figures. >> the president will be sitting down with house republicans in regards to raising the debt ceiling. the house has soundly defeated a bill that had no tax cuts. the government spends $4 billion more a day than it takes in. >> 6:12 a.m.. take a look at it ever making a safe landing this morning, this marks the twenty fifth and final mission for the shuttle. 16 days in orbit finishing work on the international space station. the astronauts on board, this is their final flight. it is bittersweet. >> first, let me say, i know it is 4:00 a.m., really late for everyone. we are wide awake. is the middle of the day for us. it is agreed to be back at the kennedy space center. it is a great to bring endeavor back in great shape. it looks like it is ready to do another mission. this is a last flight. the mission

can you find adps and refugees from any part of the world.ghans account for one-third of the refugees. iraqis are up there as well. somalis, as well. and as for where they are going? this is the problem. some of the poorest countries end up hosting huge refugee populations. jordon, for example, they cannot afford to be hosting 1 million iraqi refugees. talk about pakistan, and iran, and syria, they host the most overall, essentially, you know, these are people flooding into sometimes developing country that cannot support them and it's a recipe for disaster. >> is there anything that we can do to help people who are in the situation? >> it's a tough call. because a lot of these people are so desperate. they fled from the horrors. they are stuck. the refugee agency are in there helping to get water and food and education and health care in many cases. you see the local red crescent societies, and the most recent version of the red cross. all of these people looking for volunteers. donations, really, giving food and clothing doesn't work, but m

private payroll tracker adp says 38,000 new jobs were created in may.t is far fewer than what was expected at around 190,000. that compares to growth of 177,000 new private payroll jobs back in april. that is another indicator that the economy is stalling as it goes through the spring. we have seen manufacturing pull back in several regions around the country. housing prices in many of the largest cities are back to the recession lows. if job growth is stalling, that's going to hit consumer confidence even more, which is really wavering in the face of higher food and gas prices. really, need to to see growth of around 250,000 jobs each month to have a meaningful impact on unemployment. the current rate stands at about 9%. there are reports this morning that yahoo's reached a deal with chinese e-commerce site alibaba over the ownership transfer of a company that yahoo had a stake in an online payment company. >> this is important for yahoo to come through. it's received a black eye over this because it says it was caught by surprise by this ownership tra

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a couple of days ago adp reported that private payrolls were only going to gain a handful of jobs so investors already saw this coming. the dow is lower by 107 points right now. nasdaq down 40. s&p lower by 13. dow is now in shape for its fifth straight losing week as the economy definitely is stalling at this moment. >> what's going on here, jason? i mean, i thought stocks were going strong in late april and i thought we were out of the recession? >> reporter: we are. we have had a number of factors hurt hiring. one of the big ones is inflation at the consumer level when it comes to food and gas prices. people are spending less on other things. as a result, a lot of companies are a little nervous about expanding payrolls and want to set aside cash for tough times ahead. we can't forget about the japan disaster. that's had an effect over the past couple of months, especially in auto manufacturing because of supply shortages. that really hit that industry hard last. >> so it's going to be slower growth. thank you, jason brooks with kcbs and cbsmoneywatch.com. have a good weekend. >> r

adp, the big private payroll processor said the private sector added just 38,000 new jobs in may, that's way below the 190 thousand most economists were expecting. still oppenheimer thinks hiring will pick up later this year. >> our expectation is businesses will continue to invest in labor and capital, and that'll support economic activity in the second half of the year. it's not going to be strong. we're not heading into another recession, but breakout growth still remains out of reach. >> susie: joining us now for more analysis of today's market action, david kelly, chief market strategist for j.p. morgan funds. hi, david. >> hi. >> susie: so the big question for many investors today was that, is the u.s. economy heading for another recession. what do you think? >> no, i don't think so. it is clearly slowing down, i mean these were very bad vehicle sales numbers. we got a weak employment report, also a weak report from the i. s. m. index on manufacturing. looks like the u.s. economy is only growing about a 2% pace right now and that's not enough to create a lot of jobs. i think the ke

the market took dive yesterday after adp reported a sharp drop in job growth in the private sector lastonth. a separate report showing a slowdown in manufacturing also contributed to yesterday's sell- off on wall street. we'll wait and see what happens in about, what, an hour and 15 minutes. we'll talk to jason brooks. >>> 4:45 your time. new questions about the safety of a popular birth control pill, coming up. >> plus, luxury hotels taking action what they are doing now to keep maids safe after two high-profile attacks. >> are you stuck with a long commute? how your time on the road could be wrecking your marriage. talk about that when we come back. >>> if you have to get away from all the rain, becoming partly cloudy around the bay area this afternoon, about 63 at sfo. but traveling around the u.s., you will find some sunshine and hot weather especially heading south into houston today. those temperatures well into the 90s by the afternoon with some partly cloudy skies. moving further east, how about atlanta? yup, they are going to see plenty of sunshine just a couple of passing clou

it is unsure whether it is going to be as weak as adp suggested. because of the things i already talked about, some of the hits to the economy, you wouldn't expect a very strong number. corporate profits are so high i am optimistic that we are going to see those numbers improve again. possibly not tomorrow, though. >> liz ann sonders, we appreciate it. >>> home prices have hit their lowest level since the housing bubble burst in late 2006. new york is one of the many hard-hit metro areas. we have jill schlesinger in nearby montclair, new jersey, for us this morning. >> good morning. >> what brings you to new jersey, especially the town of montclair this morning? >> reporter: well, prices in this town are down at five-year lows. this is consistent with data that was released earlier this month. nationally, the housing market is in a double dip. we are about he low where we were in home prices in april of 2009. across the country, prices are down over 31% from the peek. that's amazing. we are now at nine-year lows in housing prices. >> why are those

according to a report from payroll processing firm adp only 38,000 private sector jobs were added in may. that's less than a quarter of the 175,000 economists had predicted. those weak numbers have analysts scrambling to downgrade their forecasts for friday's government employment report. some have cut their estimates for job growth in half. jobs aren't the only problem. a key manufacturing survey showed a sharp decline in factory orders, slowing to a pace not seen in almost two years. that's especially worrisome, because manufacturing had been leading the recovery. >> manufacturing has been the spotlight, it's been bigger than the housing industry. and if that starts to get weak, another bad sign for this economy. >> reporter: and there were plenty of those already. gas prices remain stubbornly high. the bad news for the housing market keeps getting worse, and consumer confidence is at a six-month low. and we will get some fresh news today when the labor department releases the weekly jobless claim numbers. but the big one comes tomorrow with the government's may unemployment report

the adp number was very poor. clock hot >> on the line with me, steve moussaka. >> there are many great values out there with companies that pay excellent dividends. that is an area to focus on. >> her it has to be on an individual basis as well, it is clear that the economy is slowing down. >> a double dip recession? >> the definition of a recession, there is i do not know if when we have gotten to that, but clearly the direction thisis the economy is getting worse, not better. >> the dow is down 67 points at 12,181, how do you think things will go the rest of the day? >> as we have already had significant declines this week. to a large degree this employment number, although it was bad, it did not hit many market professionals as a total surprise. we have seen it- economic data for a number of days. my guess is you probably will see the worst of it today and we will have to see what next week's information brings her to determine how the >> market trends> did you, steve. -- thank you, steve. >> an investigation

private company, adp is investigating in a intrusion and citibank got credit card numbers hacked.ort says banks are facing weak demand from buyers and the inventory of unsold homes is increasing. new study facebook users gain more than friends, people are more trusting of other people, a larger number of close friends a higher sense of civic duty. if you wonder how popular you are, the average user has 229 users and many friends are high school classmates. >>> u.s. officials say no classified information was accessed when the c.i.a.'s public website was taken off line last night by hackers. a group calling claims responsibility. hackers broke into the senate's public website but the firewall prevented them from down loaded loading any sense active material. >> house democratic leaders including nancy pelosi are planning to meet today to consider what to do about anthony weiner. a former porn actress to say the congressman had asked him to lie about online communications. ginger lee says she received sexually explicit messages from weiner. he wants to speak with his wife before dec

the big drop that occurred two days ago was what adp reported only 38,000 new private payroll jobs ined out that private employers added 83,000 but then we saw local governments cut almost 30,000 jobs. as a result, only 54,000 jobs created in the month of may. that compared to an average gain of about 220,000 jobs each of the prior three months. as a result, the unemployment rate also bumped up again for the second straight month to 9.1%. the key is whether or not this is just a one month blip perhaps a reaction to the japanese supply problems as a result of the disaster in that country. there's also concern about higher food and gas prices. the problem is that if we don't get better job growth, the economy will stall. we need to see 250,000 new jobs created each month to significantly decrease unemployment. >>> let's take a quick look at the stock market since we're on that topic. the dow is down 103, nasdaq down 23, s&p down 11. price of oil also dropping a couple of bucks on that news. we'll see if there is a rally later in the day. it's not a shock. it's a disappointing report but

the private payroll process adp says 38,000 jobs added in may.are expecting five times that many. we are seeing lower market. silicon valley index trading slightly higher here. the war strategy game from zengas. this is the new one. this company gave us farm vail and ungaled empires and allies in 12 languages. so instead of running a farm, you build an island nation. you arm yourself against enemy forces and prepare for battle. you can recruit friends and fight your way across enemy territory. this is as the investors wait to see if it's true, like the forces have been telling bloomberg that they plan to file to go public the end of the month. live at the new york stock exchange, jane king, bloomberg news. >> thank you so much. >>> 6:47. the preliminary round of the nation's most prestigious spelling bee is underway outside of washington, d.c. round two. two bay area girls are among the 275 children still competing in this year's scripps national spelling bee. one is an eighth grader at walnut creek. the other bay area contestant on the right, 10

the adp employment report tracks private sector hiring and we're expecting companies to have added about 190,000 such jobs last month. but to recap the market action yesterday, the dow actually jumped 128 points yesterday. 12,569 is where we closed. but for the month let's keep it real. it was off 2%. so netanyahu we're a little bit negative. the nasdaq composite gaine paup points. we're starting a whole new month today and hopefully it will be positive for investors who are long these markets and they are looking specifically also to auto sales reports. automakers are reporting their may sales today which are expected to reflect the impact of supply disruptions. total sales are forecast to drop about 4% led by big declines in toyota, nissan and honda. the big three u.s. automakers are also expected to report pretty flat sales. they have also -- i wish i could speak this morning. that would be very helpful. they have also raised their prices and cut incentives as well. work with me, sister. one more story to go. >>> sprint has formally filed a petition with the fcc to block at&t's $39 bi

and the payroll company adp says private employers added just 38,000 jobs last month, the smallest increasetember. american businesses, in fact, cut back orders for computers, cars, and heavy machinery in april. and even the auto industry, which had been helping to lead the recovery, reported an overall decline in sales last month. altogether, it was enough to shake up world stock markets this week and provoke a new round of political infighting. house speaker john boehner spoke this morning. >> it's now been nearly a year since the white house declared the beginning of "recovery summer." but all in all, it hasn't been much of a recovery. the american people are still struggling. >> brown: a short time later, white house spokesman jay carney cautioned against reading too much into recent numbers. >> we are aware of these different economic reports. obviously, we watch them closely. we're also aware, and i would point out that the trends here, the longer term trends are quite positive. >> brown: some economists do point to temporary factors, like the march earthquake in japan, that caused ma

but we adp drop #is will probably tell us that unemployment will stay where it is and most likely get. greece debt and got downgraded to date like me jump. we also have problems at the start to mount up her about what it will be for a year from now. >> that was a big drop also was a mostly jobs? >> yes, it was down 30 on the s &p we're up about 6% for the year. we probably have about 8 percent more on the downside. i know that people now want to hear that there is no reason to buy stocks right now until earning season rolls around. >> thank you so much about that. >> a look to the storm track right now. a storm moving over northern california. some storms have been severe we will talk about that and plus another chance of rain this weekend coming up. [music] >> another wet morning, this was the scene in vallejo this morning. jacqueline bennett is here with the latest on the stormy weather. >> can you believe that it is june 1st? that is snow coming down, it is flying in the sierra. we had grain locally. right now we see partly cloudy skies. we have just a few clouds out there but main

adp is saying only 38,000 private-sector jobs were added to the economy last month. analysts were expecting 175,000 jobs. >> hey there is a white house meeting today on raising the debt ceiling, it is planned for this morning. the president will sit down with house republicans. they won any height in the debt ceiling to be tied to deep spending cents. yesterday in a vote by seven republicans, they soundly defeated the bill that would raise the ceiling for the dead because it did not include spending cuts. the u.s. government currently spends $4 billion more a day than it takes in. cook >> take a look at the shuttle endeavor making its final landing ever. this marks the twenty fifth and final mission for the shuttle which touched down earlier this morning. endeavor spent when nearly 16 days in orbit finishing work on the international space station. atlantis is going next, the last shuttle in the space program to launch. it is set to blast off on july 8th on a mission to deliver supplies and spare parts to the international space station. >> a quick break as the kron

adp offered its monthly look at jobs in the u.s.jobs in may. that's way below expectations and set many economists off to reset their guesses on the friday jobs report. consensus currently has about 185,000 new jobs added in may in that official government report. the smart money is now pushing that guess lower, before the friday morning release. others say traders are in a selling mood. because of a report on u.s. manufacturing moving lower. add to that a downgrade in greek government paper, and a general concern that gas prices and worries are keeping the american consumer from spending. altogether it makes a tough case to be buying stocks in the coming days. of course that could all change if friday's jobs report is surprisingly good. >>> it is a roller coaster ride, the stock market for sure. not to make light of it. as stocks were plunging so was one nascar driver. >> yeah, he's brian vickers, and he was plunging into the nascar's most famous track in daytona, florida. daytona 500 has never seen anything like this. vickers has

adp, manufacturing, housing, which is the biggest investment for most families and individuals in this not where it should be. and jobs. frankly, so many people out there still struggling to find a job. they're afraid to be able to put money into the marketplace, where they have no idea whether the returns are going to be there. things are not looking that great. again, tomorrow, we've got the big jobs number report for the month of may, and expectations have been reduces based on what we saw today. >> do we think a lot of the negative news is starting to take a toll on investors? >> reporter: yeah. i mean, this is the thing. people are so fearful. where do you put your money right now? gold has been going higher for so long. yet commodities aren't necessarily the right place either whch either. when it comes to putting money in the marketplace into stocks, people are very nervous. there's a new study out that says 44% of the investors don't want to put their money back in the marketplace. they just aren't sure those kinds of gains are going to be there. we had a great bull run for a v

this is according to a report by adp.inois has began giving out licenses to couples that want to form a single union. civil unions give couples many of the rights that a company traditional marriage, including the power to decide medical treatment for an ailing partner and the right to inherit a partner's property. the space shuttle endeavour is headed for a museum after more than 25 flights. it landed at cape canaveral early this morning. the nasa shuttle program will end after atlantis goes on its next mission on july 8. those are some of the latest headlines on c-span radio. >> every weekend, american history tv on c-span3. starting saturday morning, 48 hours of people and events telling the american story. what personal interviews on "oral histories." revisit key figures, battles, and events during the 150th anniversary of the civil war. go behind the scenes at museums and historic sites on "american artifacts." and the policies and legacies of past american presidents. >> sunday, the balance between security and libe

adp issued a report today estimating that private-sector job creation amounted to 38,000 new jobs in may. woefully short of the amount needed for us -- for the economy to get back on track and people to get back to work. i said to the president today it is really important for us to focus on growth in this economy and as we go through these discussions and try to get the fiscal house in order surrounding the debt limit, very very important for us to look at growth is part of the fix. we can bring the deficit down through adding jobs but we can also people -- get people back to work. we know are chairman of the ways & means committee is hard at work at putting together a tax reform plan. hopefully the president will work with us to do so and to keep out of the discussion surrounding the debt limit and in the talks any notion we are going to increase taxes. is counterintuitive to believe that you increase taxes on those individuals and entities you are expecting to create jobs. >> a unique opportunity where the entire conference got to convey what they were listening to across america.

adp issued a report today estimating that private sector job creation amounted to 38,000 new jobs in may. woefully short of the amount needed for us to see this economy get back on track and people get back to work. you know, i said to the president today, it's really important for us to focus on growth in this economy, and as we go through the discussions in trying to get the fiscal house in order surrounding the debt limit boat, very, very important for us to look at growth as part of the fix. we can bring the deficit down through added jobs, but we can also get people back to work. we know that our chairman of the ways and means committee, dave camp, is working hard to put together a tax reform plan and the president will hopefully work with us to do so and to keep out of the discussions in or surrounding the debt limit and in the biden talks, any notion that we're going to increase taxesment it's counterintuitive to believe you increase taxes on those individuals and entities you are expecting to create jobs. >> it was a unique opportunity where the conference got to convey what