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04 December, 2008
ADP Employment Report Shows Most Job Losses Since 1991
The
ADP employment report for November showed that the private sector
reduced their payrolls by 250,000 which were the most since November,
2001. Goods producing firms led by dropping 158,000 jobs as
manufacturing activity has grinded to a halt. Indeed, the forecast for
the Non-farm payrolls report is expected to show total job losses for
the month at 325,000. However, given the private sector over shot its
initial forecast by 45,000 the total losses could be greater.
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