Private employers made their deepest job cuts in six years last month and companies' planned layoffs surged to their highest in nearly five years. A key gauge of the service sector fell to the lowest since the index was launched in 1997.
U.S. private employers cut a larger-than-expected 157,000 jobs in October in a deteriorating labor market that will get worse in the months ahead, according to a report by ADP Employer Services.
ADP also said it revised the number of jobs lost in September to 26,000 from the originally reported loss of 8,000. The ADP Employer Services report was jointly developed with Macroeconomic Advisers LLC.
ADP said the private sector job losses in October were the highest since November 2002. Joel Prakken, chairman of Macroeconomic Advisers, said it was "entirely likely" to start seeing job losses of 200,000 per month.
"This is a weak number by any reckoning," Prakken told a teleconference of journalists about the report. From Reuters.
if you are one of the unfortunate people that just got let go, or if you might know your heading that way, what does this mean for you? More people looking, less jobs available. It means more competition for the position. What are some steps you can do to help you start the process?
I would like to talk about gathering your history. What did you do everyday? This might not be the easiest time to think about ,but I find it important to think about your daily routine and note every aspect. I then want you to look at the big picture of what you did and then focus on the details as well.
This is a good day to just take note, focus on the people, their titles, your interaction, the customers, the vendors, the forms, the computers, the software, the machines, the product. There are so many things we do and take for granted as just part of our day, that we need to get them out on paper to help with our presentations for our future employer.
So for today just recall and note your accomplishments. You will find this helpful.
Dennis
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