by Bill McBride on 10/06/2010 08:15:00 AM
Wednesday, October 06, 2010
Private-sector employment decreased by 39,000 from August to September on a seasonally adjusted basis, according to the latest ADP National Employment Report® released today. The estimated change of employment from July to August was revised up from the previously reported decline of 10,000 to an increase of 10,000.Note: ADP is private nonfarm employment only (no government jobs).
The decline in private employment in September confirms a pause in the economic recovery already evident in other data. A deceleration of employment occurred in all the major sectors shown in The ADP Report and for all sizes of payroll.
Unlike the estimate of total establishment employment to be released on Friday by the Bureau of Labor Statistics (BLS), today’s ADP National Employment Report does not include the effects of federal hiring — and now firing — for the 2010 Census.
The consensus was for ADP to show an increase of about 23,000 private sector jobs in September, so this was way below consensus.
The BLS reports on Friday, and the consensus is for no change in payroll jobs in September, on a seasonally adjusted (SA) basis, with the loss of around 78,000 temporary Census 2010 jobs (+78,000 ex-Census).
Posted by Bill McBride on 10/06/2010 08:15:00 AM