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ADP National Employment Report decreased 491,000
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Nonfarm private employment decreased 491,000 from March to April 2009 on a seasonally adjusted basis, according to the ADP National Employment Report. 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 decline for at least several more months, although perhaps not as rapidly as during the last six months.
April’s ADP Report estimates nonfarm private employment in the service providing sector fell by 229,000. Employment in the goods-producing sector declined 262,000, with employment in the manufacturing sector dropping 159,000, its thirty-eighth consecutive monthly decline.
Large businesses, defined as those with 500 or more workers, saw employment decline by 77,000, while medium-size businesses with between 50 and 499 workers declined 231,000. Employment among small-size businesses, defined as those with fewer than 50 workers, declined 183,000. The employment declines among medium- and small-size businesses indicate that the recession continues to spread beyond manufacturing and housing-related activities to almost every area of the economy.
In April, construction employment dropped 95,000. This was its twenty-seventh consecutive monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,261,000. April’s decline, however, was the smallest since November of 2008.
Posted: May 6, 2009 Wednesday 08:15 AM