The private sector sliced nearly 170,000 jobs last month, according to a survey by ADP Macroeconomic Advisers Wednesday, showing yet again that the labor market remains under considerable pressure despite other indicators showing the economy is making modest improvement.Come Friday we'll get the Labor Department numbers. Going out on a limb I'll predict it'll be more than the "experts" expect.
The ADP survey, which gauges only private-sector job activity versus the much larger Labor Department report that will be out Friday, showed that private-sector employers shed 169,000 between October and November on a seasonally adjusted basis. The figure was slightly worse than the 150,000 loss that economists had forecasted, according to data by Thomson Reuters.
The ADP report is considered an estimate of Friday’s more important government jobs report, which has the potential to move markets and set the conversation tone by politicians and the media. Economists expect that the nation lost 120,000 jobs in November, while the nation’s unemployment rate remained at 10.2%.Meanwhile, at this "jobs summit" that won't produce a single job anyone who dares criticize Obama is not welcome, especially those who know how to actually create jobs.
Facing rising unemployment rates and having seen uncertain results from the stimulus bill, President Obama is hosting a "jobs summit" at the White House Thursday that will be packed with business leaders and economists supportive of White House policies but lacks a diversity of opinion, several analysts say.Just what we need: Discredited environnmental wackos who've likely been responsible for far more job losses than we'll ever see them create.
Missing from a partial list of attendees released by the White House are the self-proclaimed voices of business - the U.S. Chamber of Commerce and the National Federation of Independent Business - both of which have been critical of Mr. Obama's proposed health care overhaul.
Confirmed attendees include liberal economists credited with shaping the $787 billion stimulus package, union leaders, environmental advocates and executives from Google and other blue-chip firms.
"He's going to get lots of recommendations to spend more money," said Peter Morici, a professor at the University of Maryland's Robert H. Smith School of Business. "These are the very same people who gave us the stimulus package. My feeling is we're not going to get what we need, and that's a complete change in direction on economic policy."