ADP Employment report - 8:15am

Full report here ADP NATIONAL EMPLOYMENT REPORT SHOWS U.S. EMPLOYMENT DECREASED BY 298,000 PRIVATE SECTOR JOBS IN AUGUST ROSELAND, N.J. – September 2, 2009 – According to today’s ADP National Employment Report®, private sector employment decreased by 298,000 in August. 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 – August Report: • Total employment: -298,000 • Small businesses* -122,000 • Medium businesses** -116,000 • Large businesses*** -60,000 • Goods-producing sector: -152,000 • Service-providing sector: -146,000 Addendum: • Manufacturing industry: -74,000 * 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 298,000 from July to August 2009 on a seasonally adjusted basis, according to the ADP National Employment Report. August’s employment decline was the smallest since September of 2008. Employment losses are clearly diminishing. Despite recent indications that overall economic activity is stabilizing, employment, which usually trails overall economic activity, is still likely to decline for at least several more months, albeit at a diminishing rate.” Prakken added, “August’s ADP Report estimates nonfarm private employment in the service-providing sector fell by 146,000. Employment in the goods-producing sector declined 152,000, with employment in the manufacturing sector dropping 74,000, its smallest monthly decline since July of 2008.” “Large businesses, defined as those with 500 or more workers, saw employment decline by 60,000, while medium-size businesses with between 50 and 499 workers declined 116,000. Employment among small-size businesses, defined as those with fewer than 50 workers, declined 122,000,” said Prakken. Prakken went on to say, “In August, construction employment dropped 73,000. This was its thirty-first consecutive monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,562,000. Employment in the financial services sector dropped 19,000, the twenty-first consecutive monthly decline.”

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