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 | , , , , , , , | Leave a comment

ADP Job Report Minus 8000

Nonfarm private employment decreased 8,000 from August to September 2008 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change in employment from July to August was revised down from a decrease of 33,000 to a decrease of 37,000.

September’s ADP National Employment Report continues to offer evidence of a weak labor market. Note that this month, the ADP Report does not reflect two special factors that might have further depressed employment in September. These are the strike of some 37,000 machinists against Boeing, and job losses related to hurricanes that struck the Gulf Coast.

This month’s employment loss was driven by the goods-producing sector which declined 72,000 during September, its twenty-second consecutive monthly decline. The manufacturing sector marked its twenty-fifth consecutive monthly decline, losing 48,000 jobs. These losses were somewhat offset by employment gains in the service-providing sector of the economy which advanced by 64,000.

Details on the ADP Report can be found here.

Music: The Silhouettes- Get A Job

Risk: unemployment, manufacturing, job loss, recession

October 1, 2008 Posted by | recession, unemployment | , , , , , , | Leave a comment