Wednesday, January 6, 2010

ADP Reports 84,000 Decline in Private Employment

Nonfarm private employment decreased 84,000 from November to December 2009 on a seasonally adjusted basis, according to the ADP National Employment Report®. Given the number that are already considered unemployed and those in the category of not looking for work is already at 20% plus, it is not surprising to see the rate of newly unemployed decline.

The estimated change of employment from October to November was revised by 24,000, from a decline of 169,000 to a decline of 145,000.

The decline in December was the smallest since March of 2008.

December’s ADP Report estimates nonfarm private employment in the service-providing sector increased by 12,000, the first increase since March of 2008. However, this employment growth was not enough to offset continued losses in the goods-producing sector. Employment in the goods-producing sector declined 96,000, with employment in the manufacturing sector dropping 43,000.

Large businesses, defined as those with 500 or more workers, saw employment decline by 34,000 while medium-size businesses with between 50 and 499 workers declined 25,000.

Employment among small-size businesses, defined as those with fewer than 50 workers, declined 25,000. However, small business employment within the service-providing sector increased by 11,000 during December.

In December, construction employment dropped 52,000. This was its thirty-fifth consecutive monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,777,000. Employment in the financial services sector dropped 12,000.

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