Posted on 11/04/2009 5:57:24 AM PST by Oldeconomybuyer
The pace of layoffs eased in October, but progress in the labor markets remains painfully slow. Private-sector jobs in the U.S. fell 203,000 last month, according to a national employment report published Wednesday by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers.
The ADP loss is right on par with the drop projected by economists in a Dow Jones Newswires survey. The estimated change of employment from August to September was revised by 27,000 from a decline of 254,000 to a decline of 227,000.
The ADP survey tallies only private-sector jobs, while the Bureau of Labor Statistics' nonfarm payroll data, to be released Friday, include government workers.
Economists surveyed by Dow Jones expect the BLS to report October job cuts totaling 175,000, down from 263,000 jobs lost in September. The October unemployment rate is projected to rise to 9.9% from 9.8% in September.
(Excerpt) Read more at online.wsj.com ...
If the “jobs created” is so shot through with fraud and “creative accounting,” how can we have confidence in these numbers?
Suppose Rahm calls Hilda at DOL and says, “Hilda, we need to drop another 100,000 in jobs lost,” what happens? What are the safeguards against manipulating the numbers???
If by "painfully slow", they mean" still going backwards, in the wrong direction", then yes, it is painfully slow. Losing FEWER jobs is not the same as recovery. Recovery is when you stop LOSING jobs, and start getting jobs BACK. So while it is certainly better if we lose fewer jobs, it's hardly a sign that we are getting "better". After all, eventually there will be no jobs to lose, and then we wouldn't lose any more.
I knew they would fudge the numbers before the Christmas holiday....
They want us to get out there and spend, spend, spend, before the real crash hits.
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