In advance of release of the Bureau of Labor Statistics’ monthly jobs report, the ADP National Employment Report found that private sector jobs fell by 39,000 in September.
McClatchy Newspapers reports:
The ADP report doesn’t measure public-sector jobs. The Labor Department’s Bureau of Labor Statistics does, and its Friday report for September will be the last one before congressional elections on Nov. 2. It’s now expected to be quite soft.That’s because state and local governments face enormous budget pressures and are laying off workers. In addition, temporary hires for the 2010 census are still leaving the government’s payroll.
The news is almost as grim in New York State, where for the first time in 70 years, there has been a decline in personal incomes.
A new report from Comptroller Thomas P. DiNapoli found that state personal incomes declined by 3.1 percent in 2009.
While bailed-out banksters reward themselves with fat salaries and bonuses, job losses are continuing. Since January 2008, Wall Street has shed 31,300 jobs.
DiNapoli said:
New York’s economy is improving, but not fast enough. Job growth has been weak and not all of regions of the State are benefiting equally. While revenue collections are also improving, the rate of growth is too slow to solve New York’s budget problems. State and local governments must focus on reducing the cost of government. New Yorkers are tightening their belts. Government has to do the same.
