Word: adp
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...data, and the index "consists entirely of already released information and the Conference Board's forecasts," says Jan Hatzius of Goldman Sachs. (The leading-indicators index topped a similar survey by the Chicago Tribune in 2005, it turns out.) The monthly employment estimate put out by payroll-service firm ADP got two demerits, mainly because it doesn't do a great job of predicting the Labor Department employment numbers that are released two days later. And consumer-sentiment indexes, which offer the tantalizing prospect of predicting future spending patterns but often function more like an echo chamber, got the thumbs...
...going on vacation. But most people will still continue to pay their mortgage, write checks and deposit money at the bank. "The fact that the financial-services industry is declining this much is startling," says Joel Prakken of research firm Macroeconomic Advisers, which puts together ADP's employment report...
...Data Processing, which handles paychecks for 400,000 small businesses, dips into its clients' bank accounts to pay their employees. There has been a slight uptick in the number of times there haven't been ready funds, but at this point, that pattern isn't any different from what ADP has observed in previous economic slowdowns...
...ADP's rebuild costs could run from €200 to €300 million. And evidence suggests massive new investment will be required to reopen 2E even if razing the concourse isn't required. Even before the concourse opened, supporting pillars were repaired and reinforced after fissures appeared - and even that failed to prevent the audible cracking and widespread leaks that preceded the cave-in. Cracking elsewhere in the departure structure was heard after the collapse, forcing administrators to close the entire building. Even in the best of cases, says CDG director René Brun, 2E will remained closed for "months...
...still trying to figure out why a 30-m section of one concrete, glass and metal tube collapsed last week, killing four people and raising serious questions about 2E's future. "This concourse was a showcase, a crown jewel," laments Pierre Graff, president of Aéroports de Paris (ADP), which operates Charles de Gaulle (CDG), Orly, Le Bourget and 14 other airports in the greater Paris region. "This is a very hard blow to our image." The collapse also threatens to pound ADP's bottom line. If major design or construction flaws are found to be at fault...