Private sector shed 169,000 jobs in November: report

Discussion in 'Economy' started by Neubarth, Dec 2, 2009.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    NEW YORK (Reuters) - U.S. private employers shed 169.000 jobs in November, fewer than the 195,000 jobs lost in October, a report by a private employment service said on Wednesday.

    The October fall was originally reported at 203,000.

    The median of estimates from 30 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for decline of 155,000 private-sector jobs last month.

    Private sector shed 169,000 jobs in November: report - Yahoo! Finance
     
  2. Neubarth
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    Neubarth At the Ballpark July 30th

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    The report above is one of those useless things that samples a small minority of people in defined jobs in the private sector. It has validity for one thing and one thing only. It shows that Unemployment is still increasing. As an accurate gauge of unemployment it is useless.

    Below are the news stories related to the increasing unemployment. Note that true to form, the news releases are worded to make it look like a positive.

    Private Sector Sheds 169000 Jobs
    Wall Street Journal - Kathleen Madigan - ‎28 minutes ago‎
    The pace of layoffs eased further in November, according to a national employment report published Wednesday by payroll company Automatic Data Processing Inc. and consultancy ...
    Private-sector jobs fall 169000 in November, ADP says MarketWatch
    Jobs: The Bleeding Slows in November BusinessWeek


    I loved the last one, "The Bleeding Slows..." Yep, it has, but we are still bleeding jobs. Month after month. The ignorant see the headlines and come on here and tell me that I am crazy to say that things are getting worse.

    I just tell it like it is. Take Walgreen for Example. They just boasted that their earnings are UP Three point something percent. If they are like most companies, you have got to go into the actual earning statement to find that they are down by forty percent overall compared to two years ago. Now, is that UP Three percent an actual up, or is it just a minor fluctuation on the bottom while the economy wallows in the depths of depression? Start paying attention to the actual data deep in the earnings report and you will be frightened.
     
    Last edited: Dec 2, 2009

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