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ADP National Employment Report decreased 254,000
Nonfarm private employment decreased 254,000 from August to September 2009 on a seasonally adjusted basis, according to the ADP National Employment Report. September’s employment decline was the smallest since July of 2008 and employment losses have diminished significantly over the last two quarters. Nevertheless, employment, which usually trails overall economic activity, is likely to decline for at least several more months, with losses continuing to diminish.
September’s ADP Report estimates nonfarm private employment in the service-providing sector fell by 103,000. Employment in the goods producing sector declined 151,000, with employment in the manufacturing sector dropping 74,000, about the same as last month.
Large businesses, defined as those with 500 or more workers, saw employment decline by 61,000, while medium-size businesses with between 50 and 499 workers declined 93,000. Employment among small-size businesses, defined as those with fewer than 50 workers, declined 100,000.
In September, construction employment dropped 73,000. This was its thirty-second consecutive monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,632,000. Employment in the financial services sector dropped 19,000, the twenty-second consecutive monthly decline.
Posted: September 30, 2009 Wednesday 08:15 AM