Post by unlawflcombatnt on Oct 4, 2007 2:43:22 GMT -6
www.marketwatch.com/news/story/us-hiring-weak-again-september/story.aspx?guid=%7BC0BA630A%2DC8F5%2D4053%2DBDB2%2D63D4B50F2F66%7D&dist=
U.S. hiring weak again in September
Private-sector employment grew by 58,000, ADP says
By Rex Nutting, MarketWatch
10/3/07
"(MarketWatch) -- The housing and credit slumps are holding back job growth in the U.S. private sector, according to the ADP employment report released Wednesday.
Private payrolls grew by 58,000 in September, following a revised 27,000 gain in August, ADP said. It marks the third straight month of modest job growth in the ADP report.
"Employment has decelerated," said Joel Prakken, chief economist for Macroeconomic Advisers, which calculates the ADP report. "But I'm not sure it's much of a surprise," he said, given the slowing in economic growth over the past year.
Private-sector job growth has averaged just 42,000 per month over the past three months, down sharply from 95,000 in the first three months of the year.
The ADP report suggests nonfarm payrolls may have grown less in September than the 113,000 anticipated by economists surveyed by MarketWatch.
Adding in the typical monthly gain of about 20,000 government jobs not covered by the ADP report, the report suggests the government's figures on nonfarm payrolls probably grew by about 80,000....
The Labor Department will report on the nonfarm payrolls number on Friday. As reported by the Labor Department, nonfarm payrolls fell by 4,000 in August.
A weak payroll reading on Friday could remove one stumbling block to another rate cut by the Federal Reserve. A strong report, on the other hand, could show the Fed that a rate cut is not necessary, because the economy is overcoming problems in the financial markets.
In a separate report, the Institute of Supply Management said its nonmanufacturing index fell to 54.8% in September from 55.8% in August, implying that the economy outside of the factory sector was growing at a slower pace. It's the lowest reading since March....
ADP details
The ADP report is computed by economics firm Macroeconomics Advisers from anonymous payroll data provided by Automatic Data Processing Inc. (ADPAutomatic Data Processing, Inc)
.
According to ADP, the goods-producing sector fell by 39,000 jobs in September, including 22,000 in manufacturing.
Construction jobs fell by 20,000 in September and 157,000 in the past year. The decline is "a lot more than the [Bureau of Labor Statistics] is showing," Prakken said. According to the BLS, construction employment is down 90,000 in the past year.
Manufacturing and housing have been the sectors with the largest job losses in the past year, in both the ADP and government data.
The services sector added 97,000 jobs in September. Employment in financial services fell by 7,000, the second consecutive decline after six years of strong growth.
17 months after its public debut, the ADP report is considered by some economists to be the single-best indicator of the government's monthly nonfarm payroll report. But on a month-to-month basis, it cannot accurately predict payrolls down to the last digit.
The ADP report is designed to mirror the monthly nonfarm payrolls report released by the Labor Department, after all revisions. One difference: The Labor Department statistics include government jobs, but ADP doesn't.
After a few big misses compared with the Labor Department figures in its first few months, the methodology for the ADP report has been tweaked and the sample size increased.
The ADP report is crafted from anonymous payroll data culled from about 383,000 payrolls representing 23 million workers. The sample is matched to the Labor Department's sample of 160,000 businesses and government offices at about 400,000 work sites.
ADP is the one of the largest payroll providers in the world, with more than 570,000 business clients worldwide."
U.S. hiring weak again in September
Private-sector employment grew by 58,000, ADP says
By Rex Nutting, MarketWatch
10/3/07
"(MarketWatch) -- The housing and credit slumps are holding back job growth in the U.S. private sector, according to the ADP employment report released Wednesday.
Private payrolls grew by 58,000 in September, following a revised 27,000 gain in August, ADP said. It marks the third straight month of modest job growth in the ADP report.
"Employment has decelerated," said Joel Prakken, chief economist for Macroeconomic Advisers, which calculates the ADP report. "But I'm not sure it's much of a surprise," he said, given the slowing in economic growth over the past year.
Private-sector job growth has averaged just 42,000 per month over the past three months, down sharply from 95,000 in the first three months of the year.
The ADP report suggests nonfarm payrolls may have grown less in September than the 113,000 anticipated by economists surveyed by MarketWatch.
Adding in the typical monthly gain of about 20,000 government jobs not covered by the ADP report, the report suggests the government's figures on nonfarm payrolls probably grew by about 80,000....
The Labor Department will report on the nonfarm payrolls number on Friday. As reported by the Labor Department, nonfarm payrolls fell by 4,000 in August.
A weak payroll reading on Friday could remove one stumbling block to another rate cut by the Federal Reserve. A strong report, on the other hand, could show the Fed that a rate cut is not necessary, because the economy is overcoming problems in the financial markets.
In a separate report, the Institute of Supply Management said its nonmanufacturing index fell to 54.8% in September from 55.8% in August, implying that the economy outside of the factory sector was growing at a slower pace. It's the lowest reading since March....
ADP details
The ADP report is computed by economics firm Macroeconomics Advisers from anonymous payroll data provided by Automatic Data Processing Inc. (ADPAutomatic Data Processing, Inc)
.
According to ADP, the goods-producing sector fell by 39,000 jobs in September, including 22,000 in manufacturing.
Construction jobs fell by 20,000 in September and 157,000 in the past year. The decline is "a lot more than the [Bureau of Labor Statistics] is showing," Prakken said. According to the BLS, construction employment is down 90,000 in the past year.
Manufacturing and housing have been the sectors with the largest job losses in the past year, in both the ADP and government data.
The services sector added 97,000 jobs in September. Employment in financial services fell by 7,000, the second consecutive decline after six years of strong growth.
17 months after its public debut, the ADP report is considered by some economists to be the single-best indicator of the government's monthly nonfarm payroll report. But on a month-to-month basis, it cannot accurately predict payrolls down to the last digit.
The ADP report is designed to mirror the monthly nonfarm payrolls report released by the Labor Department, after all revisions. One difference: The Labor Department statistics include government jobs, but ADP doesn't.
After a few big misses compared with the Labor Department figures in its first few months, the methodology for the ADP report has been tweaked and the sample size increased.
The ADP report is crafted from anonymous payroll data culled from about 383,000 payrolls representing 23 million workers. The sample is matched to the Labor Department's sample of 160,000 businesses and government offices at about 400,000 work sites.
ADP is the one of the largest payroll providers in the world, with more than 570,000 business clients worldwide."