Wednesday, January 7, 2009
Bad News on the Jobs Front
ADP National Employment Report estimates that the economy lost 693,000 jobs (non-farm, private employment) in the month of December. For 2008, they report a loss of 2,598,000 jobs.
Based on a simple regression, this points to a loss of 653,000 jobs according to the BLS survey. This report will be released on Friday.
Background: The Bureau of Labor Statistics reports the change in the number of non-farm payrolls on a monthly basis. This has been an important economic indicator, occasionally having the ability to dramatically move markets. A few years ago, Automatic Data Processing started their own survey. They use data from roughly 80% of their clients to create the report.
Posted by MK at 8:30 AM