ADP's private unemployment report for October is showing +43,000 private sector jobs were gained for the month. Additionally last month's dismal report was revised, for only a -2,000 private sector job loss. ADP is predicting lethargic job gains for the near future. We are too.
Employment gains of this magnitude are not sufficient to lower the unemployment rate.
- Services: +77,000
- Goods: -34,000
- Construction: -23,000
- Manufacturing: -12,000
- Financial: -2,000
ADP reports 2,313,000 construction jobs have been lost since January 2007.
Across business size, large businesses shed -12,000 more jobs, while small business gained +21,000 and medium sized businesses gained +24,000. Interesting, seems big business is possibly committing more labor arbitrage?
Below is a graph, made from the ADP interactive charting page, which shows the different categories of private sector employment growth for one year. Notice manufacturing is flat-lined.
a day late on this report
Due to the elections I am a day late in overviewing a lot of important economic reports. The BLS unemployment report comes out tomorrow, so I'm trying to write up the ones I missed.