Manufacturing sector sheds more jobs

July 1, 2009 | Print this Page.
Private companies shed more jobs
Business financing troubles continue to plague the manufacturing industry which shed another 146,000 private sector jobs last month, according to the latest ADP National Employment Report.

A slowdown in consumer demand coupled with ongoing weakness in the housing market and the auto industry have caused financial problems and management headaches for small businesses and manufacturing companies that serve them.

Broadly, ADP reports that nonfarm private employment fell by 473,000 in June while small businesses lost 177,000 positions and medium-sized firm employment declined by 205,000.

Joel Prakken, chairman of Macroeconomic Advisers, which partners with ADP to release the numbers, said, "Monthly employment losses in April, May, and June averaged 492,000. This is a notable improvement over the first three months of the year, when monthly losses averaged 691,000."

"Nevertheless, despite some recent indications that economic activity is stabilizing, employment, which usually trails overall economic activity, is likely to decline for at least several more months, although perhaps not as rapidly as during the last six months," he added.

Interact with Us:

Share This News Story:

Post new comment

The content of this field is kept private and will not be shown publicly.
This blog uses the CommentLuv Drupal plugin which will try and parse your sites feed and display a link to your last post, please be patient while it tries to find it for you.
CAPTCHA
This question is to determine whether you are a human visitor and to prevent automated spam submissions.
2 + 2 =
Solve this simple math problem and enter the result. E.g. for 1+3, enter 4.
Capital Solutions Apply Today, Get Cash Next Week

What Our Clients Say

Risk-Free Guarantee

Almost a year has gone by and I can confirm Capital Solutions has been true to the saying 'under-promise and over-deliver'... I have tripled (repeat, tripled!) my business... thanks to the fact that I can make sales and customer service the central point of my every-day. I also appreciate your experience and the unobtrusive way you deal with my clients.

Edward Kennedy
Midwest International USA
President

In our very first conversation I noticed that you not only understood our situation, but also the Oil & Gas trade. Capital Solutions has been an invaluable help... We have grown our business exponentially thanks to you. I can now probably qualify for a traditional line of credit (...but I'm not sure I want to).

Brenda and Mark Neufeld
B.N.M. Piloting Services