Posted on 12/02/2009 6:41:10 AM PST by blam
ADP Job Loss Report Is Worse Than Expected
Joe Weisenthal
Dec. 2, 2009, 8:17 AM
We've still got previous few green shoots on the jobs front. The private ADP jobs report indicated a loss of 169,000 private sector jobs in November, which was worse than the 150,000 that analysts had estimated.
Also not good: October was revised to a worse 195,000.
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According to today's ADP National Employment Report®, private sector employment decreased by 169,000 in November. The ADP National Employment Report, created by Automatic Data Processing, Inc. (ADP®), in partnership with Macroeconomic Advisers, LLC, is derived from actual payroll data and measures the change in total nonfarm private employment each month.
Nonfarm Private Employment Highlights -- November
Report: -- Total employment: -169,000 -- Small businesses* -68,000 -- Medium businesses** -57,000 -- Large businesses*** -44,000 -- Goods-producing sector: -88,000 -- Service-providing sector: -81,000Addendum: -- Manufacturing industry: -44,000* Small businesses represent payrolls with 1-49 employees** Medium businesses represent payrolls with 50-499 employees*** Large businesses represent payrolls with more than 499 employees
According to Joel Prakken, Chairman of Macroeconomic Advisers, LLC, "Nonfarm private employment decreased 169,000 from October to November 2009 on a seasonally adjusted basis, according to the ADP National Employment Report. November was the eighth consecutive month during which the decline in employment was less than in the previous month. Although overall economic activity is stabilizing, employment usually trails economic activity, so it is likely to decline for at least a few more months."
[snip]
(Excerpt) Read more at businessinsider.com ...
I’m shocked !!!!!
/s
I wonder why the government revisions to jobs, GDP, etc numbers always come out WORSE. If it was just data gathering and processing noise, you would expect variations on both sides.
Destroy the country? Democrats Win! Democrats Win!
at what point is this White House going to abandon their failed ideology and actually do something to kick start the job market? Probably next summer just in time for Congressional reelections so they can falsely campaign on job creation.
I fail to understand why this is “unexpected”. The DIM-oc-RATS & Nobama are still in power.
joblessness and flat spending is the new recovery, don’cha know
(actually heard “black friday” flat spending being described as good news on ABC radio today)
The marked is down 11 as I type. See here.
I don’t know, maybe I’m missing something, but this all seems simple, and disasterous to me.
We’ve gleefully shipped our jobs to China. So, not only does it hurt America, (tax revenues, increases in welfare/unemployment roles), but it also hammers the world’s biggest consumer market.
Look at the bright side.
With zero private sphere jobs, we can lose none!
For a number of months (all of 2009), I've seen montly reports which (If I recall correctly) say that job losses for the previous month were around half a million. That's been up and down, but consistently in that ballpark.
Now this report is giving the bad news that job losses are are 169,000, and the previous month was 195,000. I'm thinking that this is a different type of number. Can anyone explain?
that is the thing
obama will NEVER abandon his ideology, he is a shell without it, he is a one-trick pony (blame America) elevated way beyond his competence and ability to roll folks with charm and glibness
Only a very powerful outside force that wants (or more cynically, needs) America to recover, will pull his strings very tight will get him and the silly blindly hateful fools he has as advisors and enablers (Nancy and Harry) to back off strangling our nation
>>>I guess I don’t pay enough attention to the details. Can someone help me out? For a number of months (all of 2009), I’ve seen montly reports which (If I recall correctly) say that job losses for the previous month were around half a million. That’s been up and down, but consistently in that ballpark. Now this report is giving the bad news that job losses are are 169,000, and the previous month was 195,000. I’m thinking that this is a different type of number. Can anyone explain?
I think you may be referring to the weekly initial jobless claims numbers, which have been running around 500,000 of late. That is a gross number. The number here is a net number, so it shows the impact of layoffs, but also new hires. Because it includes new hires, this number is lower than the gross number. It is important to note that even when payrolls are increasing and unemployment declining, the weekly jobless claims are generally in the 300,000 - 400,000 range.
I agree with ya there. :)
The economy continues to spiral out of control and down the drain. I don’t think that the federal government can do anything soon enough that would make a difference.
There is just too much uncertainty for businesses between health care, cap and tax and this administration in general. The government needs to back off and LEAVE US ALONE but they are totally incapable of that.
The democrats are sticking to the story that we’re in a recovery but the millions of unemployed Americans who cannot find work know better and that isn’t going to change in a year. The damage is far too great.
Thanks!
DRINK!
With Cap-N-Trade,health care payroll taxes and the Bush Tax cuts set to expire, expect the unemployment to get even worse.
Cloward-Piven.
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