We’ve still got previous few green shoots on the jobs front. The private ADP jobs report indicated a loss of 169,000 private sector jobs in November, which was worse than the 150,000 that analysts had estimated.
Also not good: October was revised to a worsse 195,000.
According to today’s ADP National Employment Report®, private sector employment decreased by 169,000 in November. The ADP National Employment Report, created by Automatic Data Processing, Inc. (ADP®), in partnership with Macroeconomic Advisers, LLC, is derived from actual payroll data and measures the change in total nonfarm private employment each month.
Nonfarm Private Employment Highlights -- November Report:<br /><br /> -- Total employment: -169,000<br /><br /> -- Small businesses* -68,000<br /> -- Medium businesses** -57,000<br /> -- Large businesses*** -44,000<br /><br /> -- Goods-producing sector: -88,000<br /><br /> -- Service-providing sector: -81,000<br /><br />Addendum:<br /> -- Manufacturing industry: -44,000<br /><br />* Small businesses represent payrolls with 1-49 employees<br />** Medium businesses represent payrolls with 50-499 employees<br />*** Large businesses represent payrolls with more than 499 employees<br />
According to Joel Prakken, Chairman of Macroeconomic Advisers, LLC, “Nonfarm private employment decreased 169,000 from October to November 2009 on a seasonally adjusted basis, according to the ADP National Employment Report. November was the eighth consecutive month during which the decline in employment was less than in the previous month. Although overall economic activity is stabilizing, employment usually trails economic activity, so it is likely to decline for at least a few more months.”
Prakken added, “November’s ADP Report estimates nonfarm private employment in the service-providing sector fell by 81,000. Employment in the goods-producing sector declined 88,000, with employment in the manufacturing sector dropping 44,000, the smallest decline since May of 2008.”
“Large businesses, defined as those with 500 or more workers, saw employment decline by 44,000, while medium-size businesses with between 50 and 499 workers declined 57,000. Employment among small-size businesses, defined as those with fewer than 50 workers, declined 68,000,” said Prakken.
Prakken went on to say, “In November, construction employment dropped 44,000. This was its 30-fourth consecutive monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,721,000. Employment in the financial services sector dropped 17,000, the 20-fourth consecutive monthly decline.”
The matched sample used to develop the ADP National Employment Report was derived from ADP data, which during the twelve month period through June 2009, averaged approximately 400,000 U.S. business clients and represented over 23 million U.S. employees. This approximately represents the size of the matched sample used this month.
Small Business Highlights — November Report:
Due to the important contribution small businesses make to economic growth, employment data that is specific to businesses with fewer than 50 employees will be reported in the ADP Small Business Report® each month. The ADP Small Business Report is a subset of the ADP National Employment Report.
-- Total small business employment: -68,000<br />-- Goods-producing sector: -36,000 small business jobs<br />-- Service-providing sector: -32,000 small business jobs<br />
Private employment among small businesses decreased by 68,000 in November, according to the ADP Small Business Report released today. Additional information about small business employment, including charts on monthly job growth and employment levels, along with historical data, is available at http://www.smallbusinessreport.adp.com.
“Employment among small-size businesses, defined as those with fewer than 50 workers, declined 68,000 in November. November’s employment decline was the smallest since July of 2008. Overall economic activity is stabilizing and employment losses among small-size businesses are diminishing. Employment usually trails economic activity, so it is likely to decline for at least a few more months,” said Joel Prakken.