Today's Employment Reports
1. Global outplacement consultancy Challenger, Gray & Christmas announced today that:
"Employers announced plans to shed 32,239 workers from their payrolls in August. It was the fewest number of monthly job cuts by US-based firms since December 2010, when layoffs totaled 32,004.& August job cuts were down 12.5% from a July total of 36,855, making it the third consecutive decline in monthly job cuts. Last month was 37% lower than August 2011, when employers announced plans to eliminate 51,114 positions from their ranks."
2. From today's ADP National Employment Report:
"Employment in the U.S. nonfarm private business sector increased by 201,000 from July to August, on a seasonally adjusted basis. The estimated gain from June to July was revised up from the initial estimate of 163,000 to 173,000. Employment in the private, service-providing sector expanded 185,000 in August, up from 156,000 in July. Employment in the private, goods-producing sector added 16,000 jobs in August. Manufacturing employment rose 3,000, following an increase of 6,000 in July."
MP: Over the last 12 months, the U.S. economy has gained 2.14 million private jobs according to ADP, which is the largest one-year increase in jobs since early 2006, more than six years ago. While those jobs gains are promising, it will take two more years of gains at that pace to replace all of the jobs lost during the recession - private ADP payroll employment is still about 4 million jobs below early 2008 levels.