ADP Estimated private payrolls fell 532,000 in May.

• Unemployment rate rose in all the nation’s largest metropolitan areas in April, compared with figures from a year earlier.
• Labor department says all 372 metropolitan areas saw their jobless rates increase last week.
• April’s ADP figures were revised to show more job cuts than previously estimated, meaning May’s job losses were smaller, but highlighting ongoing deterioration in an economy that may have difficulty living up to expectations that it will resume economic growth in the 2nd half of the year.
• Highlights of key cities: 
• Seattle-Tacoma-Bellevue area saw its jobless rate drop from 8.7% in March to 8.0% in April.
• Elkhart-Goshen rate jumped to 17.8% from 12.7% YoY in April.  But down from 18.9% in March.
• Bend, Oregon rose to 15.6% up from 9% YoY
• North Carolina Hickory-Lenoir-Morganton saw unemployment rate rise to 14.9% from 8.8% last year.
• Yuma, Arizona saw a jobless rate of 20.3%. 
• Merced, CA 18.3%
• Yuba City, CA 18.2%

"The level of initial jobless claims of about 625,000 that we've seen does fit with this level of job losses, which has stabilized, albeit at still very weak levels.  While we've no doubt seen stabilization in the level of firings at still weak levels, hiring still remains sluggish, and until the economy starts generating 125,000-plus jobs monthly, the unemployment rate will continue higher." – Peter Boockvar (Equity strategist at Miller Tabak)

• While the service providing sector lost 265,000 jobs, the good-producing sector lost 267,000 jobs.
• Within the goods producing sector, employment in the manufacturing sector fell by 149,000 jobs.
• Job losses were led by medium and small-size businesses, which lost 223,000 jobs and 209,000 jobs.
• Large businesses jaw employment decline by 100,000 jobs.
• Small-size businesses have shed 2.125 million jobs since reaching peak employment in January 2008.

"Despite some recent indications that economic activity is stabilizing, employment, which usually trails overall economic activity, is likely to decline for at least several more months, although perhaps not as rapidly as during the last six months." – ADP

Source: Barron's, Seattle Times, Reuters & RTT News

Indonesia’s Fiscal Stimulus Taking Effect

Source: CNBC

Took the remaining 1/2 of my Nvidia long (NVDA)

Took the remaining of my Nvidia long at $10.88 to wait out for another pull back again.  This stock has moved too quickly and am now looking for a pull back into the lower channel again before initiating new positions. Stochastic & MACD also are confirming the share is starting to become overbought.

Motor Vehicle Sales

• Sales of domestic-made motor vehicle were pretty much unchanged in April, at a 6.9 million unit adjust annual sales rate. 
• However, imports slipped back to a 2.5 million pace, sizably down from 2.9 million in march.

YoY Brand breakdown for May:

• Ford –24.2%
• Daimler –33.4%
• GM –29%
• Toyota –40.7%
• Nissan –33.1%
• Volkswagen –12.4%
• Chrysler –47%
• Kia –16.1%
• Hyundai -20.4%

Source: Barron's & MarketWatch

Rank of cigarette consumers by nations

• Greece has the highest smoking rate in the world, with each person smoking over 8 cigarettes a day.
• Of the 123 countries, 17 European countries are in the top 20.
• Smoking rates tend to decline when countries get wealthier thanks to higher taxes, bans and health education.
• Spain, Japan and South Korea remain strongly addicted.
• 20% of cigarettes in France are sold illegally to avoid heft tobacco duty, and so are not included in the figures.
• Tiny consumption of Indians compared with the Chinese might in part be explained by Indian fondness for chewing tobacco.

Source: Economist

Pending home sales +6.7%

• Pending sales of previously owned home shot up by 6.7% in April.
• The biggest monthly gain in 7.5 years, according to a report on Tuesday that reinforced the views that the US recession is easing.
• Economist had expected the report to show pending home sales just rise 0.5%
• National association of realtors said Pending home sales index, rose to 90.3 in April from 84.6 in March.
• This is now the 3rd largest straight monthly increase and the largest jump since October 2001.  The monthly gain took the index 3.2% above its year-ago level in the latest sign the battered US housing sector was stabilizing.

"It's a very positive and encouraging number. It plays into the 'green shoots,' economy stabilization story," - William Hornbarger (senior fixed income strategist at Wachovia Securities in St. Louis.)

• While the volume of existing home sales has increased in recent months, nearly half involve properties have gone through foreclosure or which have been sold for a loss.
• Lawrence Yun, senior economist at the Realtor’s trade group, credited improved home affordability and a new government program that provides an $8,000 tax credit for first-time homebuyers for the surge in US buying activity.

YoY comparision across the region:

• Northeast Region +0.8%
• Midwest +11.1%
• South +3.5%
• West +2.9%

Source: Reuters, Barron's, RTT News & Paper Economy

China May PMI at 53.1

• China’s purchasing manager’s remain relatively unchanged compared to 53.5 in April.
• So far, the index has remained above 50 for the 3rd consecutive month following five straight months below that level.
• Export orders moved up to 50.1 in May from 49.1 in April.

Source: RTT News