No real surprises in the ADP monthly employment report. Private sector employment decreased by 522,000.
The bulk of the job losses came from from small (1-50 employee) and mid-sized (50 to 499 employee) businesses. Small business employment fell 175,000 jobs and mid-sized employment declined 255,000. Large firms (500+ employees) reduced employment by 92,000 jobs.
According to ADP, job losses are spread across almost all sectors of the economy with both the goods producing and service producing sectors seeing substantial employment declines.
Construction continues to be hard hit, with January employment down 83,000. This was the 22nd consecutive monthly decline and construction industry employment has fallen by 923,000 jobs since its peak in 2007.
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Posted by: Jeff Paul Internet Millions | February 05, 2009 at 07:33 PM