Employment Declines by 371,000 Jobs From June to July 2009

Today’s ADP National Emplyment Report shows that job losses are slowing down, but still at terrible levels:

Nonfarm private employment decreased 371,000 from June to July 2009 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change of employment from May to June was revised by 10,000, from a decline of 473,000 to a decline of 463,000.

July’s employment decline was the smallest since October of 2008 and continues the notable improvement between the first and second quarters of 2009. Nevertheless, despite recent indications that overall economic activity is stabilizing, employment, which usually trails overall economic activity, is likely to decline for at least several more months, albeit at a diminishing rate.

July’s ADP Report estimates nonfarm private employment in the service-providing sector fell by
202,000. Employment in the goods-producing sector declined 169,000, with employment in the
manufacturing sector dropping 99,000, its smallest monthly decline since September of 2008.
Large businesses, defined as those with 500 or more workers, saw employment decline by
74,000, while medium-size businesses with between 50 and 499 workers declined 159,000.
Employment among small-size businesses, defined as those with fewer than 50 workers, declined
138,000. Since reaching peak employment in January 2008, small-size businesses have shed
nearly 2.4 million jobs.
In June, construction employment dropped 64,000. This was its thirtieth consecutive monthly
decline, and brings the total decline in construction jobs since the peak in January 2007 to
1,483,000. Employment in the financial services sector dropped 26,000, the twentieth
consecutive monthly decline.
For information on the construction and use of the ADP Report

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