Wednesday, December 3, 2008

Unemployment Stat of the Day---ADP unemployment report

Today ADP issued it's employment report for November 2008, and revised numbers for October 2008. The outlook confirms that the labor market continues to weaken.

Wednesday, December 3, 2008, 8:15 A.M. ET

Nonfarm private employment decreased 250,000 from October to November 2008 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change in employment from September to October was revised down from a decrease of 157,000 to a decrease of 179,000. Note that the November ADP Report does not reflect the strike of some 27,000 machinists who returned to work following the resolution in late October of a strike in the aerospace industry.

November’s ADP National Employment Report offers evidence of a labor market that continues to weaken. This month’s employment loss was again driven by the goods-producing sector which declined 158,000 during November, its twenty-fourth consecutive monthly decline. The manufacturing sector marked its twenty-seventh consecutive monthly decline, losing 118,000 jobs. These losses were compounded by an employment decline in the service-providing sector of the economy which fell by 92,000, the second monthly loss in the service-providing sector recorded by the ADP Report since November of 2002.

Read the rest of the report here.

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