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Reply #53: Have We Turned The Corner on Jobs? [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-01-11 09:54 AM
Response to Reply #52
53. Have We Turned The Corner on Jobs?

Two new reports out Wednesday bolster recent indications that the U.S. economy has staved off a double-dip and is entering a stronger recovery...
private payroll firm ADP announced that the private sector added 206,000 jobs in November, the largest gain in 11 months, and well up from October's figure of 130,000. And outplacement firm Challenger, Gray & Christmas reported that the number of planned layoffs in November was 42,474, down slightly from the month before, but down 13 percent from November 2010.

"Today's number represents a pretty notable acceleration of employment that I think is consistent with the notion that the U.S. economy has skirted the back end of the double dip recession and is charting its way through perilous waters towards a gradual upturn," says Joel Prakken, chairman of consulting firm Macroeconomic Advisers. Prakken also noted that strength is "pretty much evident throughout all the slices in the data that we provide." Jobs were added in small, medium, and large firms alike, and in both the goods-producing and service-providing sectors.

The ADP report beat consensus estimates of around 130,000 new private-sector jobs, meaning that Friday's employment report from the Labor Department could also do better than consensus forecasts, at around 120,000 jobs added to the U.S. economy. Friday's report could once again show the public sector taking a bite out of job growth. Labor Department data shows the government losing jobs in 11 of the last 12 months. This year, government has been by far the biggest job-cutting industry, announcing nearly 181,000 cutsalready a 30 percent increase over total announced government cuts in 2010....
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