The U.S. economy continues to hemorrhage jobs......

[marmar]

ADP Says U.S. Companies Cut 250,000 Jobs in November (Update2)

By Bob Willis


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.

“Businesses are reacting rapidly to the dismal economic outlook by cutting workers as fast as possible,” Joel Naroff, president of Naroff Economic Advisors and Bloomberg’s top forecaster for 2008, said before the report. “The economy is in the midst of a really deep recession.”

The ADP report was forecast to show a decline of 205,000 jobs, after an originally reported drop of 157,000 in October, according to the median estimate of 22 economists in a Bloomberg News survey. Projections of job losses ranged from 169,000 to 350,000.

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. .......(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aNS5SfKbpk5A&refer=home

[Justyce]

1. Free trade & trickle down are working so great!

:sarcasm:

I'll never understand how working people can be so stupid as to vote republican.