Wednesday, December 03, 2008

More Bad Employment News

by Bill McBride on 12/03/2008 09:19:00 AM

From ADP: November Employment Report

Nonfarm private employment decreased 250,000 from October to November 2008 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change in employment from September to October was revised down from a decrease of 157,000 to a decrease of 179,000.
Note: ADP only covers private employment and has been consistently more positive than the BLS report in recent months. See the report for some graphs of employment and a comparison to the BLS report.

And from Rex Nutting at MarketWatch: Corporate layoffs surge to nearly 7-year high
Led by massive cuts at Citigroup and other banks, major U.S. corporations announced 181,671 layoffs in November, the highest total in nearly seven years, according to a survey conducted by outplacement firm Challenger Gray & Christmas and released on Wednesday.
...
The report comes two days before the Labor Department is scheduled to release its report on employment in November. Analysts surveyed by MarketWatch expect payrolls to fall by 350,000, which would be the biggest decline since May 1980.
So far in 2008, announced layoffs have totaled 1.06 million, up 46% from the same period a year ago.
Also first time unemployment claims are running over 500 thousand per week - so all of the data suggests that the BLS employment report on Friday will show large job losses in November.