Wednesday, November 4, 2009

ADP Job report - 8:15 am

Full report here ADP NATIONAL EMPLOYMENT REPORT SHOWS U.S. EMPLOYMENT DECREASED BY 203,000 PRIVATE SECTOR JOBS IN OCTOBER ROSELAND, N.J. – November 4, 2009 – According to today’s ADP National Employment Report®, private sector employment decreased by 203,000 in October. 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 – October Report: • Total employment: -203,000 • Small businesses* -75,000 • Medium businesses** -75,000 • Large businesses*** -53,000 • Goods-producing sector: -117,000 • Service-providing sector: -86,000 Addendum: • Manufacturing industry: -65,000 * 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 203,000 from September to October 2009 on a seasonally adjusted basis, according to the ADP National Employment Report. October was the seventh consecutive month during which the decline in employment was less than in the previous month. Nevertheless, despite recent indications that overall economic activity is stabilizing, employment, which usually trails overall economic activity, is likely to decline for at least a few more months.” Prakken added, “October’s ADP Report estimates nonfarm private employment in the service-providing sector fell by 86,000. Employment in the goods-producing sector declined 117,000, with employment in the manufacturing sector dropping 65,000.” "Large businesses, defined as those with 500 or more workers, saw employment decline by 53,000, while medium-size businesses with between 50 and 499 workers declined 75,000. Employment among small-size businesses, defined as those with fewer than 50 workers, declined 75,000,” said Prakken. Prakken went on to say, “In October, construction employment dropped 51,000. This was its thirty-third consecutive monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,675,000. Employment in the financial services sector dropped 18,000, the twenty-third consecutive monthly decline.” More at link with formatted tables

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