Yet another employment report and yet more job losses. The ADP report shows a loss of 22,000 jobs but the bad news is more the loss of 25,000 jobs in manufacturing alone. Construction, no surprise there, lost 37,000 jobs.
Jobs in the service sector increased by 38,000, while goods-producing industries cut 60,000, including 25,000 in manufacturing
Borrowing the graph made by EconomPic Data, it shows how manufacturing is still losing jobs, which is almost contradictory from this recent ISM Manufacturing report showing a 53.3 point value for employment, which should imply overall manufacturers are actually hiring.
Do you remember last month when we pointed out the huge discrepancy between the private ADP payroll report and the BLS official unemployment rate and said someone is wrong?
ADP revised last month's data to 61,000 jobs losses, from 84,000 and since ADP only collects data on private payrolls, discrepancies appear to be smoothing out.
The BLS last month reported 85,000 jobs lost for December.
Most of the major economics press tries to paint this report as more happy talk. Less bad is the new good.
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When is the MSM going to point out we are LOSING the best jobs?
According to the Main Stream Media, the unemployment picture improved from 10% to 9.7% and Obama ballyhooed that this was the proof of a recovery, but as this ADP survey shows, it's actually worse.
Manufacturing and Goods production, the heart of productivity, is being exchanged for low wage, less secure, service jobs.
The professional middle class that bought all those McMansions during the Bush years are being thrown back to worse economic status than their parents, and to service jobs they hate.
It's worse in Europe, who richly deserve it also.
This is NOT a recovery, this is stagnation, and MORE destruction of the middle class than under bush.
SO, how's that change thingy working out for YOU?
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Yes!
Let's keep pretending this is all Obama, as though it wasn't put in motion way before he was in office. That's akin to a terrorist attack happening and you blaming the current administration just months after they've been in office when you should blame the administration before it that failed repeatedly in preventing it from happening! OH WAIT!!! Republicans did blame Clinton didn't they... and the Dems blamed Bush... hmm...
And I also seem to remember, economy wise, Republicans claiming that the prosperity during Clinton was a result of the elder Bush's policies. And then later, when things started going to hell during Bush, blaming Clinton's policies. They stated that it takes years to realize the effects on the economy, so Clinton was who was to blame for what was happening during Bush Jr.
I fail to follow the logic that now makes Republicans say that the current problems are because of the CURRENT administration. It seems to me the logic used is solely political rather than based on fact.
Basing this on politics certainly isn't going to get anything done! We continue the partisan pseudo blaming, we will never work together and we will NEVER accomplish anything.
Republicans are the loudest about "bipartisanship" yet by the very nature of what they do, they make bipartisanship impossible by DEMONIZING the other side.
anonymous yes!
While The Economic Populist is an economics blog, officially non-partisan, the most amusing statement coming from you is many on this site are extreme left and not only voted for Obama but volunteered for his campaign.
We're looking at policies that are current and you betcha we can rail away on Bush, both of 'em, Clinton too for bad trade deals and deregulation of financial markets.
But your assumptions are really wrong and I think that's because we are focused on the data, on economic theory, on the policies and are not writing up empty partisan rhetoric.