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The Job Losses Mount
By Marc Tracy
ADP's monthly job survey just came out, and the picture, needless to say, isn't pretty. (Full report here.) The top number is 522,000: the number of non-farm jobs lost between December and January.
However, the vast brunt of these losses were borne by medium-sized and small businesses. The former group--defined by ADP as firms that employ between 50 and 499 workers--lost 255,000 jobs. Small firms--those that employ under 50--lost a full 175,000. "Sharply falling employment at medium- and small-size businesses clearly indicates that the recession continues to spread well beyond manufacturing and housing-related activities," ADP concludes.
In a write-up, CNNMoney.com talks to several small business owners--they're hopeful that the (hopefully forthcoming) stimulus will help stem the job-loss tide--before bearing the bad news, quoting ADP's research partner's chairman: "Macroeconomic Advisers projects another 3 million layoffs, plus or minus, in next 12 months. That means for the next year, we'll be seeing layoff numbers that will be about as drastic as the ones we're seeing today." Yikes.
Comments (0)February 4, 2009 4:47 PM
