ADP

Layoffs at 11 Month High

Challenger, Gray & Christmas released their February 2011 layoff report which shows layoffs surged 32% in February to 50,702.

The 50,702 job cuts announced last month was up 32 percent from January’s 38,519. It was 20 percent higher than the 42,090 planned layoffs announced in February 2010. This marks the first year-over-year increase in monthly job cuts since May 2009 when job cuts totaling 111,182 surpassed the 103,522 layoffs announced the same month a year earlier by seven percent.

While Challenger, Gray & Christmas seem to be blaming high gas prices, the details in the layoffs paint a different picture:

The largest portion of layoffs last month came from government and non-profit employers, which announced 16,380 job cuts, up 154 percent from 6,450 in January and 196 percent higher than a year ago when 5,528 job cuts were announced in February. While most of the cuts occurred at the state and local level, the United States Postal Service announced that it reduced its headcount by 5,600 in recent months.

This is your government at work, with a 154% increase in government and non-profit layoffs. Government layoffs are directly attributable to the never ending state budget deficit malaise and the claims one must stiff Federal Workers in order to reduce them (which is false).

Retail sector layoffs increased 44% and we've seen a slowdown in consumer spending, with more money going to gas and food.

ADP Employment Report for December 2010 - 297,000 private sector jobs gained

The ADP report for December 2010 it out and ADP is reporting a gain of 297,000 private sector jobs. This is the biggest service sector job gain, 270,000, in the history of the ADP report. The United States needs a good 175,000 jobs per month just to keep up with population growth and this is the first time we've seen any job growth like this for over 4 years, as reported by ADP.

 

ADP Employment Report for November 2010 - 93,000 private sector jobs gained

The ADP report for November 2010 it out and ADP is reporting a gain of 93,000 private sector jobs. This is the biggest job gain in 3 years. Even more encouraging, the October private sector jobs numbers were revised, from 43,000 to 82,000. That's almost double what was originally reported. Now don't get your panties all in a bunch, this still is not enough to lower unemployment.

ADP Employment Report for October 2010 - 43000 private sector job gain

ADP's private unemployment report for October is showing +43,000 private sector jobs were gained for the month. Additionally last month's dismal report was revised, for only a -2,000 private sector job loss. ADP is predicting lethargic job gains for the near future. We are too.

Employment gains of this magnitude are not sufficient to lower the unemployment rate.

ADP Employment Report for July 2010 - 42,000 private sector jobs

The ADP national employment report shows 42,000 private sector jobs were created in July. Last month's numbers were revised from 13,000 to 19,000 for private sector jobs created.

July’s ADP Report estimates nonfarm private employment in the service-providing sector rose by 63,000. Employment in the goods-producing sector declined 21,000 during July while employment in the manufacturing sector decreased 6,000, the first decrease in six months.

Probably the worst bit of news from ADP is they see no evidence of acceleration in the number of jobs created each month. For the last six months employment has averaged 37,000 private sector jobs created each month.

This flatness, where unemployment statistics are staying at a local bottom, is also reflected in the initial weekly unemployment claims graph.

Nonfarm private employment in the service-providing sector rose by 63,000. Employment in the goods-producing sector declined 21,000 during July while employment in the manufacturing sector decreased 6,000, the first decrease in six months.

Pages