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Wednesday, August 05, 2009

Other Employment Reports

by Calculated Risk on 8/05/2009 08:27:00 AM

ADP reports:

Nonfarm private employment decreased 371,000 from June to July 2009 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change of employment from May to June was revised by 10,000, from a decline of 473,000 to a decline of 463,000.
Note: the BLS reported a 415,000 decrease in nonfarm private employment in June (-467,000 total nonfarm), so once again ADP was only marginally useful in predicting the BLS number.

On the Challenger job-cut report from CNBC: Planned layoffs accelerated in July
Planned layoffs at U.S. firms increased in July for the first time in six months, signaling more uneasy times for workers and a continued drag on consumer spending and the broader economy.

Planned job cuts announced by U.S. employers totaled 97,373 last month, up 31 percent from June when it had hit a 15-month low, according to a report released on Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc.

July's announced job cuts brought the total so far this year to 994,048, 72 percent higher than the same span in 2008.
The BLS reports Friday, and the consensus is for about 300,000 in reported job losses for July.