Private sector sheds 39,000 jobs in September

[Freddie Stubbs]

Source: Reuters

NEW YORK (Reuters) - Private employers unexpectedly cut 39,000 jobs in September after an upwardly revised gain of 10,000 in August, a report by a payrolls processor showed on Wednesday.

The August figure was originally reported as a loss of 10,000.

The median of estimates from 38 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for a rise of 24,000 private-sector jobs in September.

The ADP figures come ahead of the government's much more comprehensive labor market report on Friday, which includes both public and private sector employment.

Read more: http://finance.yahoo.com/news/Private-sector-sheds-39000-rb-1277482169.html?x=0&.v=1

[SpiralHawk]

1. "Whooopeee for the fail. Smrik." - Republicons

"We want America to Fail."

- Rush DraftDodger Limbaugh (R - Chief Propagandist)

[gtar100]

2. It's because of all the taxes they had to pay and too much government regulation.

:sarcasm:

As stupid as the "lower taxes/deregulate" argument sounds, that's the *entire* solution to all economic problems that is offered by republicsns, conservatives and libertarians. It's not just a joke, it's a disgrace. It is disiingenuous and has no basis in historical fact.

Just like their mythical "liberal media", no doubt they will blame it on "tax-and-spend democrats".

The real reason for job loss is 30+ years of *conservative* policies and their epic failure to create a sustainable economy. We need a *real* conversation on taxes and what government can and cannot do to effect positive change in the marketplace. The truth is, government is the **ONLY** control point citizens have on the economic environment in which businesses exist. And unless the government plays its proper role, we are going to continue to have problems with unemployment. Why? Because in an unregulated environment, businesses have no incentive to keep unemployment numbers low, let alone at zero. Only government can provide that incentive through proper regulation and progressive tax policies. That approach actually has historical record of working to sustain a more vibrant economy.

But tell that to a conservative and you'll quickly see the true nature of their "love" for America.

[Name removed]

3. Deleted message

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[activa8tr]

4. Well, this is mostly the summer jobs that are cut. Camp counselors, resort staff

lawn and garden workers. etc.

Seasonal adjustment.

[Romulox]

5. It's like a VACATION for those sorts, I bet!

Qu'ils mangent de la brioche!

[Massacure]

6. It'll be interesting to see what the private-sector payrolls report by the gov shows on Friday

Jobless claims have been dropping, so this doesn't make much sense.

[MannyGoldstein]

7. But record banker profits!

from: http://www.huffingtonpost.com/2010/10/04/corporate-profits_n_748889.html

As HuffPost's Shahien Nasiripour reported in August, bank profits during the second quarter rose 21 percent to almost $22 billion, the highest level in three years.

All these corporate profits came as the country as a whole got poorer. The net worth of households and non-profits dropped 2.8 percent during the second quarter to $53.5 trillion, erasing two quarters of gains. The figure hadn't been that low since the third quarter of 2009.