[DEBATE] : US job losses

[grinker at mweb.co.za]

Companies slashed 742,000 jobs in March

Posted Apr 1st 2009 2:40PM by Connie Madon

 

Companies slashed 742,000 workers in March in a report by ADP Employer Services. February's reading was revised to 706,000 from previously estimated 697,000 job cuts.. These are the worst numbers since ADP started keeping records in 2001. 

This was the 15th straight month of job losses, putting total losses at more than five million. Some analysts see more job cuts going forward for several months. To underscore the severity of the present situation, the ADP report was forecast to show only 665,000 jobs lost.

 

 

The government report due on April 3rd may show a decline of 658,000 job losses and unemployment rising to a 25 year high of 8.5%.

Here are some specifics of the ADP report:

• Job cuts by US employers nearly tripled in March. 

• Firing announcements rose by 181% from March 2008 to 150,411 

• The ADP report showed a reduction of 327,000 workers in goods producing industries. 

• Employment in manufacturing dropped by 206,000 

• Service providers cut 415,000 workers. 

• Companies employing more that 499 workers shrank their workforce by 128,000 

• Medium businesses with 50 to 499 employees cut 330,000 jobs. 

• Small companies decreased payrolls by 284,000. 

• Industries cutting jobs ranged from automakers to high tech to materials makers to service companies. 

 

http://www.bloggingstocks.com/2009/04/01/companies-slashed-742-000-jobs-in-march