According to this Business Journal report:
A new payroll report shows that nearly 80,000 private-sector jobs were lost across the country in June.
The National Employment Report from Automatic Data Processing showed a loss of 76,000 jobs among goods-producing businesses, the 19th consecutive monthly decline. That number included 44,000 manufacturing positions. The report also showed a decline of 3,000 jobs in the services sector.
Economists polled by Briefing.com had expected jobs to decline by 20,000 in June.
That’s a lot of people.
Most jobs were lost in the manufacturing sector. If the whole sector is in the gutter, and nobody’s interesting in additional services due to the recession, where are these people going to go? I’m going to follow news developments to test out a couple of hypotheses:
–When a blue-collar labor force gets hit hard like that, they migrate to where jobs are. Like Australia.
–America, after the election, is going to wise up and rebuild its infrastructure, giving laid-off employees a new place to work.
–Crime will rise.
What do you think? Any other outcomes? 80,000 lay-offs in a month is a lot.