Thread: Private sector sheds 39,000 jobs in September

Private sector sheds 39,000 jobs in September


Scott Stevenson stands outside the locked gate of a shuttered small manufacturing plant he once worked at in Ferndale, Michigan August 31, 2010. REUTERS/Rebecca Cook

On Wednesday
October 6, 2010, 8:24 am EDT

NEW YORK (Reuters) - Private employers unexpectedly cut 39,000 jobs in September after an upwardly revised gain of 10,000 in August, a report by a payrolls processor showed on Wednesday.

The August figure was originally reported as a loss of 10,000.

The median of estimates from 38 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for a rise of 24,000 private-sector jobs in September.

The ADP figures come ahead of the government's much more comprehensive labor market report on Friday, which includes both public and private sector employment.

That report is expected to show overall nonfarm payrolls were unchanged in September, based on a Reuters poll of analysts, but a rise in private payrolls of 75,000.

Economists often refer to the ADP report to fine-tune their expectations for the payrolls numbers, though it is not always accurate in predicting the outcome.

(Reporting by Leah Schnurr, Editing by Chizu Nomiyama)

http://finance.yahoo.com/news/Private-s ... l?x=0&.v=1

Some Jobs Return to US, But Many Still Head Overseas

Wednesday, 06 Oct 2010 04:16 PM

Despite the fact that some firms are returning jobs to the United States, companies are continuing a trend of sending or creating work overseas, the Los Angeles Times reported after researching federal data. The newspaper found that 20 percent more U.S. workers — employees in 1,200 offices or factories — were applying for a federal program, the Trade Adjustment Assistance, in the six months ending Sept. 30 as compared with the same period last year.

That help usually goes to factory workers who lose their jobs to their companies outsourcing overseas or because their work was undercut by cheaper labor elsewhere.

Data obtained from the U.S. Commerce Department also point to an outflow of jobs. The most recent statistics, from 2006 to 2008, show employment at foreign subsidiaries and affiliates of U.S. multinational firms grew by 729,000 in two years to 11.9 million. In contrast, the same firms had 500,000 fewer jobs in the United States or 21.1 million.

“Most companies see the next phase or era of growth as global,’’ said John Challenger, chief executive of a outplacement and consulting firm. “That will still create jobs here, just not on the scale when they were focusing on growth in the U.S.’’

http://www.newsmax.com/US/jobsUnited-St ... /id/372851