Payrolls in U.S. Shrank 250,000 in November, More Than Forecast, ADP Says

[Purveyor]

Source: Bloomberg

Dec. 3 (Bloomberg) -- Companies in the U.S. eliminated an estimated 250,000 jobs in November, the most since November 2001, a private report based on payroll data showed today.

The drop was larger than forecast and followed a revised 179,000 decrease in October that was more than previously estimated, ADP Employer Services said.

Companies from Citigroup Inc. to General Motors Corp. have stepped up the pace of firings with the world’s largest economy in its first recession since 2001. A government report in two days may show the economy lost jobs in November for an 11th consecutive month, according to a Bloomberg News survey of economists.

“The report shows a broad and deep contraction in all nooks and crannies of the economy,” Joel Prakken, chairman of Macroeconomic Advisers LLC in St. Louis, said on a conference call. “We’re teetering over the edge of a hill and we’re going to be rolling down it for a while.”

--snip
ADP includes only private employment and does not take into account hiring by government agencies, which is included in the monthly payroll report. Macroeconomic Advisers LLC in St. Louis produces the report jointly with ADP.

Read more: http://www.bloomberg.com/apps/news?pid=20601103&sid=affocMz.qpqU&refer=us

[Phred42]

1. Bad numbers are ALWAYS more than Forecast

They never give out the correct bad numbers initially.

IT usually takes a few cycles and attempts (sometimes years) before we get the real picture.

But, you can always count on that so you can expect that what ever the bad number is - it is actually significantly WORSE.

Gee, one might think it was a concerted effort to LIE to us.
:shrug:

[Hawkowl]

2. Indeed

In fact a good example is the recent announcement that one of the government agencies (can't remember which) was calling for a moderate to severe recession. Translation: holy motherfucking DEPRESSION. I really don't think people really grasp what we are about to undergo.

[ryanmuegge]

5. No joke. This is Armageddon for our standard of living.

[Phred42]

7. This is neither a recession nor a depression.

This is neither a recession nor a depression.
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=114&topic_id=49215&mesg_id=49215

This is a permanent ratcheting down of the US economy. We no longer have a viable manufacturing base. We no longer produce enough goods of value to sustain a first-world economy. We have such massive debt that we can no longer service it, much less rebuild. Our economy is and always has been demand-side-based; consumers buy stuff. Lots of stuff. Now, after a generation of relentless pummeling by idiotic supply-side policies, consumers have massive debt, fewer jobs, lower-paying jobs, lower income, no security... It is clear that unionized labor, which fueled consumerism and created American prosperity post-WWII, is not coming back.

[bdamomma]

3. hold on this is going to be a bumpy ride.

[Stuart G]

4. It really means we came up short 400,000 last month because..

the economy needs to create 150,000, to just stay even because of natural increase in population...How those people are going to live???
The workforce expands because people enter it, some leave..but it is about 100,000 - 150,000 every month...we are as they say.......
............screwed............

[TexasLawyer]

6. The BLS always understates actual unemployment

Among many other gimmicks-- if a person works-- at all, doing anything-- for a single hour during a week that person is "employed."


http://www.marketoracle.co.uk/Article4742.html