Non-farm private employment decreased 79,000 in June on a seasonally adjusted basis, ADP announced Wednesday in the ADP National Employment Report. (pdf)Meanwhile, the May estimated change in employment was revised down 15,000 to a gain of 25,000 jobs, ADP said.
In the June jobs report, employment in the service-providing sector fell 3,000, its first declined since November 2002. The goods-producing sector declined 76,000, and manufacturing employment fell 44,000, their 19th and 22nd consecutive monthly declines, respectively.
Employment among small-size businesses, defined as those with fewer than 50 workers, rose just 7,000 during the month, while employment at large businesses with more than 500 workers declined 51,000. Jobs at medium sized business, with 50-499 employees, decreased 35,000.
Construction job losses continue
Further, conditions in two economic sectors hard hit by the slumping mortgage market - - construction and financial services- - showed no improvement in June. Construction employment fell 34,000 - - its 19th consecutive monthly decline. The decline brought the total job loss in construction jobs since the employment peak in August 2006 to 349,000. Meanwhile, financial activities registered a 3,000 job decrease in the month.
Economic Analysis: A poor June ADP jobs report. Almost no positives can be detected, which suggests no net job creation. The construction sector, as expected, continues to register large job losses. Still, investors / traders should not try to draw too many conclusions regarding total U.S. job market conditions from the ADP report: it is not perfectly correlated with the more-comprehensive U.S. Labor Department monthly job creation report, scheduled for release on Thursday at 8:30 a.m. EDT.
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Reader Comments (Page 1 of 1)
7-02-2008 @ 11:29AM
gerald vaughn said...
Oh according to Bush and Dick(Cheney) everthing is ok with the economy. Yeh and China isn't communist! What a worthless administration you people elected now you can all suffer the gas and unemployment that comes from voting dip shits like these two into office not once but twice I might ad.