The worst estimate yet…
The breakdown is as follows:
Small businesses= -281,000
Medium businesses= -321,000
Large businesses = -91,000
BY SECTOR
Goods-producing sector= -220,000
Service-providing sector= -473,000
As ADP stated: Beginning this month, the ADP Report will incorporate methodological improvements intended to improve the correspondence between the nonfarm private employment estimates shown in the ADP Report and estimates published in the Bureau of Labor Statistics’ Employment Situation Report.
Now, with job losses surging and another body blow to housing coming as the option-arm fiasco comes home to roost, one has to seriously wonder how those who think the second half of 2009 will show growth honestly come to that conclusion. American’s have proven to be smarter than Congress through this as they took the first stimulus checks and either saved it or paid off debt. There is no reason to expect they will do anything different with another one.
It is the right thing to do with the money even though it hurts the overall economy for now. Too bad…
American’s are thinking about their personal balance sheet, when that is healthy, all will be well again. The problem is that will take a while..
Disclosure (“none” means no position):
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