ADP: 693,000 Jobs Lost In December

No wonder the phone lines of the NY unemployment office crashed. If these numbers look anything like the official statistics coming out later this week, December was a horrible, month for workers:

MarketWatch: U.S. private-sector firms shed 693,000 jobs in December, far worse than expected, according to the ADP employment index released Wednesday. Employment in the services sector fell by 473,000, while employment in the goods-producing sectors fell by 220,000.

Estimates for this Friday’s non-farm payroll number are for a loss of 500,000, but even if you split the difference between that and this number, that’s quite a number.

Meanwhile, January is off on a roll. Last night Alcoa announced big-time workforce reductions: 13,500 employees or about 13% of its workforce. Those 3 million new jobs can’t come fast enough, it seems.

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