Wednesday, June 3, 2009

ADP Jobs Data

Headline print came in a little bit worse than expectations: loss of 532,000 jobs.

Street consensus was a loss of 525,000 jobs.

Of note, ADP revised the prior month's loss from 491,000 to 545,000: 54,000 more jobs lost than initially estimated.

Losses were evenly split between the service sector and manufacturing sector.

Since (and including) the December, 2007 report (start of recession), 5.8 million jobs have been eliminated.

16 consecutive months of declines, average monthly loss of 322,000 jobs.

The number of employed now stands at Summer, 2004 levels.

My updated forecast for Friday's BLS release is a loss of 616,000 jobs.

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