Private employers shed another 473,000 jobs in June, according to ADP’s National Employment Report released this morning.
While that is an improvement from previous months, it still reflects a weak job market that will continue to lose jobs through the rest of 2009, said Joel Prakken, chairman of Macroeconomic Advisers LLC which prepares the monthly report based on actual payrolls of ADP customers.
The cuts hit all sizes of business and all industries, Prakken said. (Click on image for a larger view):
A separate report from the outplacement firm of Challenger Gray & Christmas Inc. indicates future job cuts will be slowing. Employers announced in June they plan to eliminate 74,393 jobs, a 15-month low, says Challenger. It is the first time since September, 2008, that the announced layoffs were below 100,000.
ADP’s reports have shown more job losses than the U.S. Bureau of Labor Statistics, whose national report will be released tomorrow. Prakken said that while both reports sample about 400,000 companies, the specific businesses aren’t the same. Also ADP uses actual payroll data while the BLS sends surveys to employers.
ADP revised its job losses for May to 485,000 from the 532,000 initially reported. The BLS reported 345,000 job cuts for May, but is likely to revise that number tomorrow.
ADP breaks down the job losses by size of business and types of industry:
- Firms with fewer than 50 employees: - 177,000
- Businesses with 50 to 499 employees: -205,000
- Companies with 500+ employees: -91,000
- Goods producing companies: -250,000
- Service providers: -223,000
- Manufacturers (part of goods producers): -146,000
- Construction: -97,000
- Financial services: -29,000
The construction industry has lost jobs for 29 consecutive months, and financial services have declined for 19 months.
Click here to read ADP’s full report.
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Yeah, I was one of those 473,000 - after 13 yrs at the same job. And what sucks is that I’m over 40 and will have a heck of a time getting another job.
surprise surprise surprise…not
all these jobs were created during a period of ficticious economic prosperity. since that “game” is now up is it any surprise that the jobs would disappear just as quickly as they were created?
Where’s the stimulus? The specter of higher taxes enacted by congress on both the middle class and small business makes for conservative hiring or not! The Administration’s policies are a disaster for the United States! As in California and Grey Davis, the United States should take a hard look at Obama.
Obama is a Fraud………Stimulus Package……Approve it because we have
“Shovel Ready Jobs”…….What a Joke!!!
Blah! Blah! Blah!
I have to wonder about the people who want 4 more years of HIM…….
Yeah and they want us to beleive the econmy is improving thats why 150 people a lot with college degrees applied for the job openings at Bob Big Boy