ADP has released its National Employment Report for September. Nonfarm private employment decreased 254,000 during the month on a seasonally adjusted basis. The ADP report indicates that job loss continues to decelerate. Though slowing, the unemployment rate continues to creep higher. The impact of the loss of a quarter of a million jobs is an indication that economic recovery remains sluggish and the US has a long way to go before the benefits of wide spread sustainable growth are realized.
The evaporation of jobs will continue to hinder a broad recovery in the housing market. Yesterday I heard a speaker claim that approximately 25% of homes in Florida are in foreclosure or are behind in their mortgage payments. It is an incredible statistic that speaks volumes about the acute systemic problems of the service based, boom/bust Florida economy.
Highlights of the ADP report include:
Employment from July to August was revised from a decline of 298,000 to a decline of 277,000
September’s employment decline was the smallest since July of 2008
Employment losses have diminished significantly over the last two quarters
Nonfarm private employment in the service-providing sector fell by 103,000
Employment in the goods-producing sector declined 151,000
Employment in the manufacturing sector dropped 74,000
Employment with large businesses with 500 or more workers declined by 61,000
Employment with medium-size businesses with between 50 and 499 workers declined 93,000
Employment among small-size businesses with fewer than 50 workers, declined 100,000
Employment losses among small-size businesses have diminished in each of the last six months
Construction employment dropped 73,000. This was its thirty-second consecutive monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,632,000.
Employment in the financial services sector dropped 19,000, the twenty-second consecutive monthly decline.
Sum2 advocates the establishment of an SME Bank adoption of The Hamilton Plan to address the recession.
For information on the construction and use of the ADP Report, please visit the methodology section of the ADP National Employment Report website.
You Tube Video: The Silhouettes, Get A Job
Risk: unemployment, recession, recovery, political
For information on the construction and use of the ADP Report, please visit the methodology section of the ADP National Employment Report website.
You Tube Video: The Silhouettes, Get A Job
Risk: unemployment, recession, recovery, political
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