Private sector cuts 742,000 jobs in March, ADP says - Mercedes-Benz Forum

 
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post #1 of 5 (permalink) Old 04-01-2009, 10:03 AM Thread Starter
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Private sector cuts 742,000 jobs in March, ADP says

Private sector cuts 742,000 jobs in March, ADP says

WASHINGTON (MarketWatch) -- The U.S. labor market worsened again in March, as private-sector firms cut 742,000 jobs, signaling another terrible employment report on Friday, according to the ADP employment index released Wednesday.

It was the largest job loss recorded by ADP in its nine-year history.
The report comes two days before the Labor Department reports its estimate for nonfarm payrolls.

"The pace of job destruction continues to accelerate, which is underscored by the weakness in this report," wrote Ian Pollick, an economist for TD Securities. "The U.S. labor market is emphatically weak, and there is no April-fooling about that."

In March, the goods-producing sector shed 327,000 jobs, the 27th consecutive decline. Manufacturing lost 206,000 jobs, while construction lost 118,000. Construction has now lost 1.1 million jobs since the peak more than two years ago.

The services sector lost a record 415,000 jobs in March.

The ADP index does not include government jobs. To get an apples-to-apples comparison with the Labor Department report, you have to add in about 12,000 jobs typically gained in the public sector. That suggests total payrolls fell by 730,000 in March, compared with the MarketWatch consensus of 663,000 for the Labor Department's estimate.

"Despite some recent indications that stock prices, consumer spending, and housing activity may be bottoming out, employment, which usually trails overall economic activity, is likely to remain very weak for at least several more months," said Joel Prakken, chairman of Macroeconomics Advisers, the economic consulting firm that computes the index from anonymous payroll data provided by ADP.

The February ADP index was revised down by 9,000 to a loss of 706,000 compared with the 697,000 initially reported.

In March, small businesses (those with less than 50 employees) cut 284,000 jobs.

Large businesses (with more than 500 employees) cut 128,000 jobs, while medium-sized businesses cut 330,000 in March.

Automatic Data Processing Inc. provides payroll and human-resources services to about one in every six U.S. workers, serving more than 500,000 companies.

The ADP sample is taken during the same week of the month as the government's survey, using similar methods.

http://www.marketwatch.com/news/story/private-sector-cuts-742000-jobs/story.aspx?guid={2E7CEF2F-03AC-4418-9F73-FE4FFD3E034B}&dist=msr_11
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post #2 of 5 (permalink) Old 04-01-2009, 01:21 PM
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From Roubini. So far he has the best batting average for this CF since 2006.

I am looking for the entire text of his remarks instead of just clips.



The first quarter of this year will mark the worst rate of decline, and the outlook will gradually improve from there.

We'll still be in a recession through 2009, says Roubini (in contrast to most economists, who think the economy will be growing nicely by Q4). But then, finally, the economy will begin to recover.

But what will this recovery look like? Will it be the V-shaped rocket launch that some bulls are looking for?

No.

It will be an L-shaped slog, says Roubini. The economy will grow at a depressingly slow rate for quite a while, and the stock market will tread water. We may have seen the lows on the S&P 500 (or close to it) but that doesn't mean stocks will make you any money anytime soon.

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Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #3 of 5 (permalink) Old 04-01-2009, 02:01 PM
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If everything works out right we can get rid of all private sector jobs and everyone can work for the government.
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post #4 of 5 (permalink) Old 04-01-2009, 02:14 PM
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Quote:
Originally Posted by yoseyman View Post
If everything works out right we can get rid of all private sector jobs and everyone can work for the government.
Ooo yeah!! I've never thought of it that way. Seriously

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Originally Posted by Stryker-1999 S600 View Post
the comparison between a V8 and a V12 isn't a decision, it's an opportunity.
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post #5 of 5 (permalink) Old 04-01-2009, 02:29 PM
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If everything works out right we can get rid of all private sector jobs and everyone can work for the government.
There is a conundrum. If everyone pays taxes, collectively Federal, State, Local plus all other taxes, who fights whom for revenue slice.

And how will the Republicans place the AFGE stickers next to their faded W stickers?

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