Business
See other Business Articles
Title: ADP Says U.S. Companies Cut 20,000 Jobs in February
Source:
BBG
URL Source: http://bloomberg.com
Published: Mar 3, 2010
Author: Timothy R. Homan
Post Date: 2010-03-03 08:36:00 by war
Keywords: None
Views: 1279
Comments: 9
March 3 (Bloomberg) -- U.S. companies in February cut the fewest jobs in two years, according to data from a private report based on payrolls. The 20,000 decline followed a revised 60,000 drop the prior month, data from ADP Employer Services showed today. ADP figures overstated the Labor Department’s estimate of private payroll losses by a total of 30,000 in January and December, and 308,000 the previous four months. Companies are hesitant to add workers until they see sustained gains in sales as the U.S. emerges from the worst recession since the 1930s. Economists surveyed by Bloomberg News anticipate the government’s report March 5 will show U.S. payrolls declined by 50,000, in part because snowstorms in parts the country caused some businesses to close. “U.S. employment is still in transition from recession to recovery,” Chris Low, chief economist at FTN Financial in New York, said before the report. “We remain confident the job market will continue to improve in 2010, but not in February.” The ADP figures were forecast to show a decline of 20,000 jobs, according to the median estimate of 31 economists surveyed by Bloomberg. Projections ranged from a loss of 150,000 to a 25,000 gain. Weather’s Influence Most economists agree the severe winter storms in February will probably depress the Labor Department’s payroll figures. There is disagreement on whether the ADP data was similarly influenced. Analysts at Goldman Sachs Group Inc. said in a note this week that their models show the ADP data is affected by weather. ADP includes only private employment and doesn’t take into account hiring by government agencies. Macroeconomic Advisers LLC in St. Louis produces the report jointly with ADP. Employers last month announced the fewest job cuts in more than three years, according to a report today by the job placement firm Challenger, Gray & Christmas Inc. Planned firings fell 77 percent in February to 42,090, the least since July 2006, from 186,350 a year earlier, the Chicago-based company said. Announcements decreased from 71,482 in January. The Labor Department’s report in two days is forecast to show the unemployment rate climbed to 9.8 percent in February, the first increase since October, from 9.7 percent the previous month, according to the Bloomberg survey median. The economy has lost 8.4 million jobs since the recession began in December 2007, the most of any downturn in the post- World War II era. In January, U.S. payrolls unexpectedly shrank by 20,000.
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: war, go65, Brian S, anyl other obama bot shills (#0)
Here's a BS article to counter your BS articles. Economists: Another Financial Crisis on the Way Nonpartisan Group Led by Nobel Winner Calls for Stronger Financial Reforms By MATTHEW JAFFE March 2, 2010 Even as many Americans still struggle to recover from the country's worst economic downturn since the Great Depression, another crisis – one that will be even worse than the current one – is looming, according to a new report from a group of leading economists, financiers, and former federal regulators. new report predicting more financial troubles ahead for the US economy A man looks over employment opportunities at a jobs center in San Francisco, Calif., Feb. 4, 2010. A new report predicts more financial troubles ahead for the U.S. economy unless stricter reforms are enacted for the banking industry. (Robert Galbraith/Reuters) In the report, the panel, that includes Rob Johnson of the United Nations Commission of Experts on Finance and bailout watchdog Elizabeth Warren, warns that financial regulatory reform measures proposed by the Obama administration and Congress must be beefed up to prevent banks from continuing to engage in high risk investing that precipitated the near collapse of the U.S. economy in 2008. The report warns that the country is now immersed in a "doomsday cycle" wherein banks use borrowed money to take massive risks in an attempt to pay big dividends to shareholders and big bonuses to management – and when the risks go wrong, the banks receive taxpayer bailouts from the government. "Risk-taking at banks," the report cautions, "will soon be larger than ever."
Obammy sez it Good morning...it's what I've been stating for three years...thanks for finally coming around...
Day 10 of Packrat refusing to register here. Day 8 Of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...
Really? Then you need to contact Obama, have him fire Geitner, and get your ass to DC. Your country needs you, man.
Obammy sez it Yep. have him fire Geitner [sic] The guy responsible for fucking up TARP lost his job in January of last year.
Day 10 of Packrat refusing to register here. Day 8 Of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...
Well Hell! Run for THAT job then.
Obammy sez it Bill Gross already has it.
Day 10 of Packrat refusing to register here. Day 8 Of Boofer The One Eyed Wonder Bot refusing to answer: When is Blackwell going to have the recount? Jan 30, 2006 ... by saveliberty (Proud to be Head Snowflake, Bushbot...
Lot of banks are teetering right now...
my anti groupie can't get through life without me.
The house of cards is ready to collapse. The only question remaining is what will trigger it.
Obammy sez it Yep. And China can cause it with a word, they don't even have to do anything overt. Just one thing that could cause it. God knows there are a hundred others.
my anti groupie can't get through life without me.
I believes it
an' that settles it!
#2. To: Get Outta Dodge! (#1)
(Edited)
#3. To: war (#2)
it's what I've been stating for three years.
I believes it
an' that settles it!
#4. To: Get Outta Dodge! (#3)
Really?
#5. To: war (#4)
The guy responsible for fucking up TARP lost his job in January of last year.
I believes it
an' that settles it!
#6. To: Get Outta Dodge! (#5)
#7. To: Get Outta Dodge! (#1)
#8. To: Badeye (#7)
Lot of banks are teetering right now...
I believes it
an' that settles it!
#9. To: Get Outta Dodge! (#8)
Top • Page Up • Full Thread • Page Down • Bottom/Latest
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]