From a article this morning (emphasis mine):

Private sector employment fell more than expected in September, but the pace of job losses continued to slow, according to a report released Wednesday.

Automatic Data Processing, a payroll-processing firm, said private-sector employers cut 254,000 jobs in September, down from a revised 277,000 in August. It was the smallest monthly total since July 2008.

The decline was greater than the 200,000 loss economists surveyed by had forecast. But the difference was “not statistically meaningful,” according to Joel Prakken, an ADP spokesman and chairman of Macroeconomic Advisers, LLC.

“Not statistically meaningful” – tell that to the 54,000 people who lost their job this month.  Safe to say 10% unemployment is only a couple months away.

Leave a Reply

Your email address will not be published.

Time limit is exhausted. Please reload CAPTCHA.