ADP report shows additional 250,000 in U.S. job losses

December 3, 2008 by · Leave a Comment
Filed under: Economic News 

Unemployment is rising, my question is will it peak at the 8-9% most analysts are saying or will it get into the double-digit area?  I still don’t think we have quelled the real problems in the economy so I believe we have more pain to come.  

Not to mention we are basically going into a zero-interest rate environment so everything will get much worse when inflation picks up and we have to raise rates.  Thats when the housing market will get clobbered again.

News:

The U.S. economy shed 250,000 jobs in the period between mid-October and mid-November, according to a report released Wednesday by payroll company ADP.

The ADP National Employment Report said that the U.S. job market showed weakness across the board, with losses in the manufacturing, services and construction sectors. The overall decline in employment is the largest reported by ADP in seven years.

The ADP report found that construction lost 44,000 jobs, manufacturing 118,000 jobs and services 92,000 positions from October to November.

Manufacturing has lost jobs in the U.S. for 27 straight months and the construction sector has sacked 521,000 workers since August 2006, according to the report, which is based on payroll data accumulated by ADP.

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