Job Loss Rate Slows, Market Improves--Slightly
min readWe've started the slow climb out of the giant black hole. The U.S. job market improved in November, with the lowest number of jobs lost in nearly two years, according to the ADP employment survey released today.
In November, ADP reports the private sector cut 169,000 jobs. In October, 195,000 jobs were lost. Job losses peaked at 736,000 in March and have lessened every month since, ADP said.
"Although overall economic activity is stabilizing, employment usually trails economic activity, so it is likely to decline for at least a few more months," ADP said.
Goods-producing jobs fell by 88,000 in November, including 44,000 in manufacturing and 44,000 in construction. Services-producing jobs fell by 81,000.
Total private-sector employment stood at 108.2 million in November, down 7.4 million from 115.6 million in December 2007 when the recession began.
According to ADP, 7.4 million private-sector jobs have been lost since the recession began.