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Wednesday, October 6, 2010

ADP Release Spells Trouble

Private sector employment lost jobs in September according to the monthly ADP release.

Companies in the U.S. unexpectedly cut workers in September, data from a private report based on payrolls showed.

Employment decreased by 39,000, the biggest drop since January, after a revised 10,000 gain in August, according to figures today from ADP Employer Services. The median estimate of 37 economists surveyed by Bloomberg News called for a gain of 20,000. Forecasts ranged from a decline of 44,000 to a 75,000 increase.

A loss of jobs raises the risk that consumer spending, the largest part of the economy, will retrench and halt the recovery. A Labor Department report in two days will show companies added 75,000 workers last month, economists project.

The monthly BLS numbers come out on Friday and they will be the last employment numbers before the election.  A bad number is expected, but negative jobs will put the final nail in the Democrats November 2 elections.

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