ADP Report for July - 9:03AM

Full report here ADP NATIONAL EMPLOYMENT REPORT SHOWS U.S. EMPLOYMENT DECREASED BY 371,000 PRIVATE SECTOR JOBS IN JULY ROSELAND, N.J. – August 5, 2009 – According to today’s ADP National Employment Report®, private sector employment decreased by 371,000 in July. The ADP National Employment Report, created by ADP® Employer Services, a division of 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 – July Report: • Total employment: -371,000 • Small businesses* -138,000 • Medium businesses** -159,000 • Large businesses*** -74,000 • Goods-producing sector: -169,000 • Service-providing sector: -202,000 Addendum: • Manufacturing industry: -99,000 * 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 371,000 from June to July 2009 on a seasonally adjusted basis, according to the ADP National Employment Report. July’s employment decline was the smallest since October of 2008 and continues the notable improvement between the first and second quarters of 2009. Nevertheless, despite recent indications that overall economic activity is stabilizing, employment, which usually trails overall economic activity, is likely to decline for at least several more months, albeit at a diminishing rate.” Prakken added, “July’s ADP Report estimates nonfarm private employment in the service-providing sector fell by 202,000. Employment in the goods-producing sector declined 169,000, with employment in the manufacturing sector dropping 99,000, its smallest monthly decline since September of 2008.” “Large businesses, defined as those with 500 or more workers, saw employment decline by 74,000, while medium-size businesses with between 50 and 499 workers declined 159,000. Employment among small-size businesses, defined as those with fewer than 50 workers, declined 138,000,” said Prakken. Prakken went on to say, “In July, construction employment dropped 64,000. This was its thirtieth consecutive monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,483,000. Employment in the financial services sector dropped 26,000, the twentieth consecutive monthly decline.” More info in report - tables that I cannot format here