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The report is compiled from actual payroll data and measurew the change in total nonfarm private employmenteach month. The reporrt said employment inthe service-providing sector fell by Employment in the goods-producing sector dropped by 338,000 and the manufacturingh industry shed 219,000 marking three full yearsz of consecutive monthly declines. “The employment losses are spread throughout the economy in all sectors in all sizezof companies,” said Joel Prakken, chairman of Macroeconomic Adviseres LLC, which developed the report.
He points out that the grossw domesticproduct (GDP) was declining faster than 6 percenr in the fourth quarter, and his forecasy suggests that the GDP will contractr in the first quarter almostt that fast. “Since employment trails GDP byseveral months, it tells me througn the months of wintetr and spring we are likely to see monthly declines in employment,” he Large businesses, or those with 500 or more workers, saw employmenf decline 121,000, while medium-size businesses with between 50 and 499 workerw declined 314,000. Employment among small-size businesses, with fewer than 50 declined 262,000.
In February, construction employment dropperd 114,000, which brings the total decliner in construction jobs since the peak in Januaryh 2007 to more than1 million. Prakkeb says signs of stability from the stimulus package will not be seen untill the end of the and he predicts the national unemploymentg rate could reach 9 percentby mid-2010.
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