Release Explanation: According to Automated Data Processing (ADP) Nonfarm private employment decreased 693,000 from November to December 2008 on a seasonally adjusted basis, an indication the worst recesion in the post-war period is worsening.
"The Fed believes employment will weaken going into 2010," said Matthew Carniol, chief currency strategist at TheLFB-forex.com. "So even if the economy does begin to bottom later in the year people will be losing their jobs for months afterwards."
Large businesses (>500 workers) saw employment decline 41k while medium-size companies (50 to 499 workers) declined 130K. Employment among small-size businesses (<50 workers) declined 79k.
Construction employment dropped 44k, the twenty-fourth consecutive monthly decline.
Forex Technical Reaction: S&P futures are hitting their lows of the session, off about 1.37%, and the dollar has been weakening pretty much across the board.
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