ADP reported that businesses cut another 298,000 jobs last month. The data for the previous two months was revised slightly upwards, mitigating this worse than expected report. Forty-nine percent of the job losses were in the service providing sector.
Since & including 12/2007:
- 6.8 million jobs lost
- average monthly job loss of 324,000
- 19 consecutive months of losses
The economy now has the same amount of jobs as it did in December, 2003.
For what it's worth, I am forecasting that the BLS will report a loss of 262,000 on Friday. If my forecast is accurate (and that is a big if...):
This is a recession not like many others. The above table tracks the job loss (according to the BLS) during the last few recessions.