Conflicting Reports On U.S. Jobs Picture
Two reports released this morning paint a conflicting portrait of the U.S. job market in September.
The ADP National Employment Report, created by Automatic Data Processing and Macroeconomic Advisers, said private-sector employment increased by 91,000 from August to September, a gain ADP called "modest."
Small businesses led the way in job growth, contributing almost two-thirds of all new jobs, ADP said. It also said professional business services, education, leisure services and health care sectors led the way in job creation.
Meanwhile, global outplacement firm Challenger, Gray & Christmas said employers last month announced plans to shed nearly 116,000 jobs from their payrolls, making September the worst month for job cuts in two years. Challenger said heavy reductions planned by the military accounted for a large portion of the announced cuts, signaling what may lie ahead as the federal government seeks across-the-board spending cuts.
The 115,730 cuts were up significantly from 51,114 from August, Challenger said. The September figures brought the number of job cuts announced during the third quarter of 2011 to 233,258, the highest quarterly toll since the third quarter of 2009.
Massachusetts saw only 109 job cuts, the lowest among eight states in the Northeast that Challenger surveyed.
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