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Bad economic news shows little sign of letting up anytime soon, especially in light of this week's report from ADP showing that 250,000 jobs disappeared nationwide in November.
Many of the lost jobs came from the goods-producing sector and the manufacturing sector, which have now declined for 24 and 27 months, respectively. Meanwhile, construction shed 44,000 jobs and even the service sector posted its second consecutive month of losses, with 92,000 - the biggest loss in this area since November 2002.
Nationwide job losses have accelerated in the past month - in contrast, 179,000 were eliminated in the month of October.
The current figures also represent a larger decline than financial analysts had been expecting, indicating that the economy may be in even worse condition than previously thought. Another potentially bad sign is that most of the job losses affected small and medium sized companies, which are often seen as crucial to long-term job growth.
"Falling employment at medium and small firms clearly indicates that the recession has now spread well beyond manufacturing and housing-related activities," said the ADP report.
Drumbeat of bad economic news continues with jobs report
Bad economic news shows little sign of letting up anytime soon, especially in light of this week's report from ADP showing that 250,000 jobs disappeared nationwide in November. Many of the lost jobs came from the goods-producing sector and the manufacturing sector, which have now declined for 24 and 27 months, respectively. Meanwhile, construction shed 44,000 jobs and even the service sector posted its second consecutive month of losses, with 92,000 - the biggest loss in this area since November 2002.
Nationwide job losses have accelerated in the past month - in contrast, 179,000 were eliminated in the month of October.
The current figures also represent a larger decline than financial analysts had been expecting, indicating that the economy may be in even worse condition than previously thought. Another potentially bad sign is that most of the job losses affected small and medium sized companies, which are often seen as crucial to long-term job growth.
"Falling employment at medium and small firms clearly indicates that the recession has now spread well beyond manufacturing and housing-related activities," said the ADP report.
