Payroll processor ADP has reported that private US companies cut 84,000 jobs in December, the smallest drop in employment since March 2008. Bloomberg has more:
The ADP report is based on data from about 360,000 businesses with about 22 million workers on payrolls. Today’s ADP report showed a decrease of 96,000 workers in goods-producing industries including manufacturers and construction companies. Service providers added 12,000 workers.
Employment in construction fell by 52,000, the 35th straight monthly drop, while financial firms decreased jobs by 12,000, ADP said, the 25th consecutive decline for the industry.
Companies employing more than 499 workers shrank their workforce by 34,000 jobs. Medium-sized businesses, with 50 to 499 employees, eliminated 25,000 jobs and small companies decreased payrolls by 25,000, ADP said.
Another report today showed employers last month announced the fewest job cuts since the recession began in December 2007 as the economic recovery encouraged companies to retain staff. Planned firings fell 73 percent in December to 45,094 from 166,348 during the same month the prior year, Chicago-based placement firm Challenger, Gray & Christmas Inc. said.
The number of jobs lost since the recession began in December 2007 is the biggest in the post-World War II era.
More of the same…with even more people out of a job.
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