U.S. employment levels continue to drop
The Business Journal of Milwaukee
The U.S. economy shed 250,000 jobs from October to November, according to a new jobs report.
The ADP National Employment Report said that the U.S. job market shows weakness, with losses in the manufacturing, services and construction sectors.
The ADP report found that construction lost 44,000 jobs, manufacturing 118,000 jobs and services 92,000 positions during October.
Manufacturing has lost jobs in the U.S. for 27 straight months and the construction sector has sacked 521,000 workers since August 2006, according to the payroll company’s employment study.
A separate report from outplacement firm Challenger, Gray & Christmas also showed jobs took another painful hit in November. Job cut announcements by U.S. employers soared to 181,671 last month, up 61 percent from October, and 148 percent higher than the same period a year ago, when 73,140 job cuts were announced.
The report also showed that November’s total represents the second highest on record, shy of the 248,475 planned layoffs in January 2002, in the aftermath of the Sept. 11 terrorist attacks.
Tight credit, the down housing market, constrained consumer spending and troubles on Wall Street and with banks have prompted layoffs from big banks and other employers in recent weeks.
Mike Sunnucks and Adam Kress of the Phoenix Business Journal, an affiliated publication, compiled this report.
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