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January 7th, 2009

ADP Report Prepares Analysts for Friday



Declines in nonfarm private employment exceeded economists’ expectations, dropping 693,000 from November to December, according to the ADP.

The ADP’s report is released prior the Bureau of Labor Statistic’s (BLS) report due on Friday. The BLS report is regarded as the most accurate gauge of the nation’s unemployment situation.

According to the ADP, “December’s ADP Report estimates nonfarm private employment in the service-providing sector fell by 473,000. Employment in the goods-producing sector declined 220,000, the twenty-third consecutive monthly decline. Employment in the manufacturing sector declined 120,000, marking its twenty seventh decline over the last twenty eight months.”

Unemployment among small and medium-sized business outnumbered jobs lost at large businesses by nearly five times. According to the ADP, that’s proof that unemployment has spread “well beyond” both the manufacturing and housing industries.

If the ADP’s report is an accurate precursor to the government’s report, we can expect another dire-monthly report, likely to exceed experts’ expectations. Keep an eye out for the unemployment trends spreading out to several sectors of the job market.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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