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Adp Employment Change

Adp Employment Change

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ADP Employment Change DisappointsLast Update: 01-Jul-09 08:34 ET According to the ADP National Employment Report, private sector employment dropped by 473,000 in June.� That number was worse than the consensus forecast that called for a decrease of 394,000 positions.� Data for May, however, was revised up to show a decline of 485,000 jobs versus an originally reported decrease of 532,000.

Medium-sized businesses shed 205,000 positions in June while small businesses cut 177,000 jobs.� Large companies accounted for the remainder of the total, trimming 91,000 from their payrolls.By sector, 250,000 jobs were eliminated in the goods-producing sector while 223,000 jobs were lost in the service-providing sector.� ADP noted in an addendum that 146,000 positions were cut in the manufacturing industry.The ADP report for June wasn't as dire as the initial headlines indicated when taking the May revision into account.� Nonetheless, it isn't good news.� It is a sobering reminder that the labor market is weak and that there is a heightened risk of disappointment in the nonfarm payrolls number (current consensus -363K) that will be reported Thursday.
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