Risk Rap

Rapping About a World at Risk

Economy Sheds 157,000 Jobs


Lost in the euphoria of Barack Obama’s electoral triumph is todays rude reminder of the the continued deterioration of the economy.  ADP published its monthly report on employment yesterday revealing that the US economy shed another 157,000 jobs during the month of October.

According to the report, “large businesses, defined as those with 500 or more workers, saw employment decline 41,000, while medium-size companies with between 50 and 499 workers declined 91,000. Employment among small-size businesses, defined as those with fewer than 50 workers, declined 25,000. This is the first outright decline in small business employment reported by the ADP Report since November of 2002, and the largest percentage decline since the economy was emerging from recession in early 2002.”

The recession is now enveloping small businesses.  This is a most ominous sign.  It should be born in mind that the ADP report usually reports numbers that are not as severe as numbers that the Department of Labor will issue later this week.

Not surprisingly manufacturing lost 85,000 jobs during the month.  This was the 26th consecutive monthly decline for the sector.

The full ADP Employment report can be accessed here.

President elect Obama will have a tough row to hoe.  The revival of the economy will be a prolonged and difficult effort requiring patience and careful attention to undo three decades of erosion to the countries industrial infrastructure.  Sum2 advocates The Hamilton Plan as a recovery program for the economy and SME manufactures.

Music Video: Bruce Springsteen, Pay Me My Money Down

Risk: recession, industrial capacity, unemployment

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November 7, 2008 - Posted by | folk, manufacturing, recession, unemployment | , , , , , , ,

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