A few bits on the near-term outlook from the....>

FED: A few bits on the near-term outlook from the semiannual report to Congress:

-[ADP data] "indicates that rehiring has continued and that payroll employment

will likely move up again in June, albeit from what remains a very low level."

- "amid some easing of restrictions, there are signs that manufacturing activity

moved up in May, partly as a result of the ramp-up in automotive production."

- "applications for employer identification numbers, which are an early

indicator of new business formations, are tracking well below levels from recent

years and may suggest a slower pace of future job creation through this

channel."

- "Forward-looking indicators of business spending, such as new orders of

nondefense capital goods, excluding the volatile aircraft category, have plunged

recently amid sharply lower business sentiment and profit expectations from

industry analysts."

- "financial-sector vulnerabilities are expected to be significant in the near

term."