Fewer Jobs, More Work
Highlights of ADP’s report this a.m.
Nonfarm Private Employment Highlights – August Report:
• Total employment: -298,000
• Small businesses* -122,000
• Medium businesses** -116,000
• Large businesses*** -60,000
• Goods-producing sector: -152,000
• Service-providing sector: -146,000
Addendum:
• Manufacturing industry: -74,000
* Small businesses represent payrolls with 1-49 employees
** Medium businesses represent payrolls with 50-499 employees
*** Large businesses represent payrolls with more than 499 employees
The X factor for the balance of 2009 will be consumer spending, which has gotten hit by jobs, income, household wealth, credit, and stock market erosion. If consumers lead the way out of this great recession, they’d better learn to trailblaze the path of a W.
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