U.S. private sector sheds 522,000 jobs in January

February 4, 2009 by · Leave a Comment
Filed under: Economic News 

Now these are some ugly numbers.  This makes me worried that we have this many people losing jobs at this pace.  If we keep this pace up we will lose 6 million jobs this year alone!  Forget getting credit started or addressing the foreclosure problem unless we are addressing the lack of jobs & income problem.  I think we should setup a long term loan and grant program for entrepreneurs to start businesses and create jobs.  

I would emphasize, manufacturing, infrastructure, energy and technology for these types of funding.   This is what America and basically the world should be focused on.  Until each country can be beneficial to itself and its trade partners, we are always going to have imbalances that will in the end, hurt the more advanced economies.  Everyone needs a middle class that is striving to go higher.


 Private sector employment decreased by 522,000 last month, according to ADP’s national employment report released Wednesday.

The report is compiled from actual payroll data and measures the change in total nonfarm private employment each month. The report said employment in the service-providing sector fell by 279,000.

Employment in the goods-producing sector dropped by 243,000 — the 24th consecutive monthly decline — and the manufacturing industry shed 160,000 positions.

“If you look at it by size of payroll, there was no discrimination here,” said Joel Prakken, chairman of Macroeconomic Advisers LLC, which developed the report. “All jobs in all sectors are in some risk here. A year ago when the economy began to falter, the serious job losses were in larger firms. Now they are spread down into medium and small-sized businesses that did their best to hang on.”

Large businesses, or those with 500 or more workers, saw employment decline 92,000, while medium-size businesses with between 50 and 499 workers declined 255,000. Employment among small-size businesses, with fewer than 50 workers, declined 175,000.

In January, construction employment dropped 83,000, its twenty-second consecutive monthly decline, that brings the total decline in construction jobs since the peak in January 2007 to 923,000.

He predicts the nationwide unemployment rate to rise to 8 percent.

Source: Louisville Business Journal

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