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.
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Read the rest of the report here.
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