ADP reported that Nonfarm private employment decreased 22,000 from December 2009 to January 2010 on a seasonally adjusted basis. They also revised their December job losses to -61,000 vs. -84,000 previously reported.
Construction jobs continue to get hammered, losing 37,000. January construction numbers mark the third year of consecutive monthly job losses.
On a brighter note, there was an uptick of job creation for medium-sized businesses.
ADP: Large businesses, defined as those with 500 or more workers, saw employment decline by 19,000 while small-size businesses with fewer than 50 workers, declined 12,000. Employment among medium-size businesses, defined as those with between 50 and 499 workers, increased by 9,000, the first increase in employment since January of 2008.
In fact, strip out the 37,000 construction job losses and the U.S. might have experienced job creation in January, ex-construction based on ADP numbers.
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FINAL Report January 10
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