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New Day Rising: ADP Employment Report

Rising Sun Taft McWhorter

ADP has released its National Employment Report for January.   Non-farm private employment decreased 22,000 during  the month on a seasonally adjusted basis.   The ADP report indicates that job loss is decelerating.   Many believe that the massive governmental intervention to recapitalize the banking sector and stimulus programs extending unemployment benefits and the provision of funding aid to state governments are key elements that are helping to stabilize the economy.

Highlights of the ADP  report include:

January’s ADP Report estimates non-farm private employment in the service-providing sector increased by 38,000, the second consecutive monthly increase.

Employment in the goods-producing sector declined 60,000, with employment in the manufacturing sector dropping 25,000.

The employment decline in the manufacturing sector was the lowest since January of 2008.

Large businesses, defined as those with 500 or more workers, saw employment decline by 19,000 while small-size businesses with fewer than 50 workers, declined 12,000.

Employment among medium-size businesses, defined as those with between 50 and 499 workers, increased by 9,000, the first increase in employment since January of 2008.

Employment in the financial services sector dropped 16,000.

Construction employment dropped 37,000. This drop marks the third straight year of consecutive monthly employment declines and brings the total decline in construction jobs since the peak in January 2007 to 1,804,000.

Sum2 advocates the establishment of an SME Bank to sustain long term economic growth.

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: Johnny Cash, Bob Dylan, You Are My Sunshine

Risk: unemployment, recession, recovery, political

February 3, 2010 - Posted by | Uncategorized | , , , , , , , , ,

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