More bad jobs numbers (no surprise): The private sector slashed 250,000 jobs from payrolls in November, according to today's ADP employment report. The report, based on payroll data, comes two days ahead of the government's official employment numbers for November. ADP reported companies cut 179,000 jobs in October.
ADP's small business report shows job losses accelerating among smaller employers, as well.
Joel Prakken, chairman of Macroeconomic Advisers: “Employment among small-size businesses, defined as those with fewer than 50 workers,declined 79,000. This is the second consecutive monthly decline in small business employment reported by the ADP Report since November of 2002. Until recently, these small businesses were impacted less than larger ones, but today’s employment decline
clearly indicates that the recession has now widened to include businesses of all sizes."