Private-sector cut 697,000 jobs in February, ADP says

Discussion in 'Current Events' started by toomuchtime_, Mar 4, 2009.

  1. toomuchtime_
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    toomuchtime_ Gold Member

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    The U.S. labor market worsened in February, as private-sector firms cut 697,000 jobs in February, the ADP employment index reported Wednesday.

    The labor market is "still in miserable shape," wrote economists for Goldman Sachs.
    Another report from Challenger Gray & Christmas showed layoff plans rose 158% compared with a year earlier. See full story.

    The reports come two days before the Labor Department reports its estimate for nonfarm payrolls. Economists are looking for the worst job loss in nearly 60 years. See full story.
    The drop in ADP index was the largest ever, dating back to 2001. January's loss was revised sharply lower to 614,000 from 522,000 reported a month ago.

    The goods-producing sector shed 338,000 jobs, the 26th consecutive decline. Manufacturing lost 219,000, while construction lost 114,000.
    The services sector lost 359,000 jobs.
    The ADP index does not include government jobs. Adding in the typical 12,000 jobs gained in the public sector, the ADP report points to nonfarm payrolls falling by 685,000, compared with the MarketWatch consensus of 640,000. See Economic Calendar.

    "The recession has spread aggressively to small-size businesses," said Joel Prakken, chairman of Macroeconomics Advisers, the economic consulting firm that computes the ADP index from anonymous payroll data provided by ADP. Small businesses (those with less than 50 employees) cut 262,000 jobs in February.
    Large businesses (with more than 500 employees) cut 121,000 jobs, while medium-sized businesses cut 314,000.

    Private sector cut record 697,000 jobs in February, ADP says - MarketWatch
     
    Last edited: Mar 4, 2009
  2. Chris
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    Chris Gold Member

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    John McCain doesn't care.

    He's more concerned about earmarks!!!
     
  3. WillowTree
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    WillowTree Diamond Member

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    keep raising taxes on corportations and the rich,, see how that works? hee hee! it's not as if people weren't trying to tell you DUmocrats that would happen..
     
  4. Chris
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    Chris Gold Member

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    Yea, we might have a recession!

    Better to keep sending hundreds of billions of dollars to Iraq.

    Otherwise, we'll be "emboldening the terrorists!"
     
  5. DavidS
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    DavidS Anti-Tea Party Member

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    Actually, all of these job cuts are with the Bush tax cuts. You see, the corporations are still under Bush's tax cuts that he implemented back in 2001 and 2003. This was because of the theory that tax cuts would help businesses employ more people.

    And the number is going to be higher than 700,000. ADP hasn't been accurate in ages.
     
  6. WillowTree
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    WillowTree Diamond Member

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    do what you want dumbocrat,, you got the power! we're watching with baited breath!! :lol:
     
  7. mash107
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    mash107 Active Member

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    But... when the Democrats tax/borrow and spend trillions of dollars, magically, it'll cure the economy instead of damage it like when the Republicans did it. :lol:
     
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  8. WillowTree
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    WillowTree Diamond Member

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    failed! poor old dumocrats..:cuckoo:
     
  9. WillowTree
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    WillowTree Diamond Member

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    contortion distortion! :clap2:
     
  10. xsited1
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    xsited1 Agent P

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    How many government jobs were cut during the same period?
     

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