The median of estimates from 31 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers, was for 250,000 private-sector jobs lost last month.Still, economic activity is going to be largely curtailed as layoffs continue. We still need to get to +150K a month to get back on track, and by that number we're over ten million jobs shy right now in this country.The ADP and Macroeconomic Advisers said its National Employment Report is designed as a proxy of the government's monthly non-farm payrolls report.
"Employment losses are clearly diminishing," Joel Prakken, chairman of Macroeconomic Advisors, said in a statement. "Despite recent indications that overall economic activity is stabilizing, employment, which usually trails overall economic activity, is still likely to decline for at least several more months, albeit at a diminishing rate."
If all printers were determined not to print anything till they were sure it would offend nobody, there would be very little printed. -- Benjamin Franklin
Wednesday, September 2, 2009
Jobapalooza Preview
ADP's preview of Friday's job loss numbers are coming in at 298K, still worse than expected.
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