Private employers cut 23,000 jobs in March

[Hawkgirl]

Private, nonfarm businesses eliminated 23,000 jobs in March, according to the newly released National Employment Report from ADP, the nation's largest payroll service.

In February, ADP reported a loss of 20,000 jobs but that was revised today to 24,000, said Joel Prakken, chairman of Macroeconomic Advisers LLC, which produces the monthly report based on actual payrolls of 360,000 private businesses.


Economists had been expecting ADP's report to show an increase of 40,000, but Prakken said anyone who had been watching the weekly reports on initial jobless claims would not have been surprised by the private-sector job loss.

<snip>

Companies are not hiring "because they have had their cage rattled," Prakken said. "We have come through a very severe recession and though it looks like we have had three quarters of (GDP) growth, there are enough problems in the economy - credit restrictions, overhang of housing supply and foreclosures, vehicle sector - businesses are waiting to see more evidence of sustained economic growth."
(and thats not including the trillion dollar obamacare plan)

http://www.ocregister.com/articles/private-241859-cut-employers.html


Get ready for record breaking double digit unemployment rates

[Carl]

They will "find" a bunch more employed like they did a couple months ago to keep the unemployment percentage steady (combined with public sector "stimulus" job saving) for a while.
Health care reform will tip that I believe by late summer or fall then the bottom drop out.

[NHSparky]

WSJ is saying that temp Census workers are what's keeping the numbers where they are, and that the unemployment rate will likely stay at 9.7 percent when the numbers come out Friday.

But strange, isn't it--that every time a jobs number revision comes out, we're losing MORE jobs than originally reported?

[KSTornado]

There are going to be many more job losses coming. With corporations like Caterpillar and Deere having to pay $100 million or more this year alone because of this stupid health care bill it means all companies will be facing much more overhead costs this year. That can only mean price increases to offset the premium hikes and once those hikes take place the people will tighten up their wallets even more which means less sales which means more lay-offs. Add on that many states are considering state tax hikes, more tobacco tax hikes and property tax hikes (in counties) to make up for shortfalls it means a double whammy to the consumer. It's 1928 all over again and unfortunately our government did not learn from our history that you never raise taxes while in a recession.

[thundley4]

There are going to be many more job losses coming. With corporations like Caterpillar and Deere having to pay $100 million or more this year alone because of this stupid health care bill it means all companies will be facing much more overhead costs this year. That can only mean price increases to offset the premium hikes and once those hikes take place the people will tighten up their wallets even more which means less sales which means more lay-offs. Add on that many states are considering state tax hikes, more tobacco tax hikes and property tax hikes (in counties) to make up for shortfalls it means a double whammy to the consumer. It's 1928 all over again and unfortunately our government did not learn from our history that you never raise taxes while in a recession.

I don't think it will go that way.  They'll just dump the prescription coverage on retirees, and let them go on Medicare. The government can afford it.