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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

U.S. GDP Revised Upward in Second Quarter; Private-Sector Job Loss Slows

Second-quarter U.S. GDP was a little better than earlier reported in its final revision issued moments ago, the Commerce Department said.

GDP was down 0.7 percent for the quarter, Commerce said, beating the earlier estimate of a 1 percent drop. This is not-bad news on the economy; we'll see how the markets react to this news when they open this morning.

Also this morning, private employment agency ADP said earlier this morning that 254,000 jobs were shed in the private sector from August to September -- the fewest number of jobs cut since July 2008, though the number was higher than expectations.

The ADP number is a widely watched predictor of the Labor Department's monthly jobs report, which is due out Friday, and is expected to increase from 9.7 percent to 9.8 percent.

Again, small businesses were hit the hardest by this recession. ADP said that employers with fewer than 50 employees shed 100,000 jobs, while businesses with 50 to 499 employees lost 93,000 employees. Businesses larger than that shed 61,000 jobs.

Employment in the service sector dropped 103,000 jobs in September. The manufacturing sector shed 74,000 jobs. The ADP numbers reported the 32nd straight month of job losses in the construction sector.

-- Frank Ahrens

By Frank Ahrens  |  September 30, 2009; 8:25 AM ET
Categories:  The Ticker  | Tags: GDP, Gross Domestic Product  
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Comments

"...private employment agency ADP said that 254,000 jobs were shed in the private sector in September..."

Odd, given that September isn't even over yet.

Posted by: MDLaxer | September 30, 2009 8:55 AM | Report abuse

Wonderful news! The economy is still shrinking! In other words, the recession is still in full swing, though you wouldn't know that to read MSM sources like Newsweek (owned by the WaPo), who proclaim that the recovery is already on.

Wonderful news! Unemployment is still increasing!

If this is supposed to be "not-bad news," could you please explain what "real-bad-news" would look like?

I thought putting good spin on bad news - otherwise known as "polishing a turd" - was the job of the White House press secretary.

Posted by: gilbertbp | September 30, 2009 9:00 AM | Report abuse

And yet if Congress doesn't pass Universal Health Care and The New Deal to create 100M jobs and stop illegal immigration and deport illegal aliens all before the end of October then the
Republic of America has failed and it's time to try a better system of government where the people are truly represented starting with getting rid of the Electoral College.

If Congress doesn't pass Universal Health Care and the New Deal then just exactly who are they representing. America is going to be completely doomed as we are in a Great Depression that gets deeper and worse with each passing day.

America needs a Congress that works for it and not against it.

Posted by: blakesouthwood | September 30, 2009 9:01 AM | Report abuse

-- Frank Ahrens

.........Who in the hell is this Frank Ahrens guy?

Sure is pushing some liberal propaganda out here today.......

Obama needs to thank GOD everyday for left-ist political news organization like the corrupt Washington POST.........so obvious

Posted by: allenridge | September 30, 2009 9:05 AM | Report abuse

Unemployment rates are the last to recover in a recession. The fact that the job losses are lessening are good news - the way you all talk, sounds as if you'd prefer they be bigger.

Posted by: MichelleKinPA | September 30, 2009 9:11 AM | Report abuse

Yay! The economy shrinks, unemployment in double digits, inflation soon to be hyper inflation and WAPO (We Always Promote Obama) is having a recovery party!

Posted by: Straightline | September 30, 2009 9:13 AM | Report abuse

gilberttbp wrote: "In other words, the recession is still in full swing ..."

Apparently there is little comprehension of what the term "full swing" means.

If the rate of job loss is declining and if the rate of economic contraction is declining, then the recession has been worse in previous months. That means that the recession is no longer in 'full swing,' but is better than it was.

Your message to us is clear: You're not goiing to try to understand anything until the numbers presented are all in the positive territory. That's OK. The rest of us can work at this while you wait.

The recession is ending. The numbers prove it. That one would offer criticism than accept that is fine, it doesn't change the fact that the recession is clearly ending. Opinions don't influence the validity of facts.

Thank goodness.

Posted by: 1EgoNemo | September 30, 2009 9:31 AM | Report abuse

I see the hypocritical tin foil hat contingent is out in full swing today. Well done.

Gilbertbp...I know simple addition subtraction, and growing and shrinking concepts are beyond you, but I'll type slowly for you and the knuckledragger contingent to keep up.

Unemployment is like a tide. It happens over time. A tide doesn't instantaneously rise the water level 3 feet, it happens over 12 hours, same for its decrease.

Unemployment numbers increased every month for the last year GWB was in office. The largest month was February, which considering Obama had been in office for a month, was certainly not his issue nor anything he could have been responsible for changing.

Monthly Unemployment numbers have been steadily decreasing since March, and now is as the article stated the smallest increase since July of 2008. Thats good news for everyone except cave dwellers such as yourself.

Housing values have been increasing nationwide for the past 3 months per Case Shiller, widely known and used as the best source of national housing data, the first time thats happened in almost 3 years, the stock market has climbed 54% from its March lows, and 21% from its level the day Obama took office.

You can't turn a 14 trillion dollar economy like ours around in a day, but all the data shows its been moving in the right direction for about 6 months.

Grow up junior.

Posted by: Nosh1 | September 30, 2009 9:31 AM | Report abuse

The bottom line is that President Barack Obama's economic policies are starting to mitigate the tremendous damage caused to our economy by the foolish economic policies of the Bush Administration. Notice, the article states that this is the 32nd month of job losses in the construction industry. Thus, these losses began in December 2007, the generally agreed upon date for the beginning of the Great Recession. And, please don't be stupid enough to argue that a Democratic Congress that had just taken office less than a year earlier is responsible for the Great Recession. Any economist will tell you it would be impossible for a Congress to cause that much damage in such a short period of time, especially with a Republican President, who would be in office for the next 25 months, standing ready to veto any changes in his policies that Congress might attempt to make. No. The truth is the G.O.P. owns this major screw up lock, stock and barrel.

Posted by: Caliguy55 | September 30, 2009 9:53 AM | Report abuse

Our Republic, Main Street and our citizen's economy is getting worse much worse. I find the constant drum beat about some insignificant improvement, that always proves to be some statistical error or deliberate falsehood parroted by the media and career politicans more then offensive and disturbing when all I have to do is walk out my door and see for myself the closed shops, for sale and foreclosure signs, the homeless in the super market parking lot or in the park behind my house or in the church feeding and shelter lines....I know what is happening in my community, to my family, friends and nieghbors, I can see it fir myself and I don't need anymore lies. The continued record home foreclosures in my mourning newspaper, the announcements of further business closings and off-shoring and the new lay-offs, the lack of any job offers, the continuing falling of home values and now the commercial real estate market is collapsing...and should I mention the two local banks that are now broke or the fact that my town and other cities along with our state will not be able to pay on thier debts and obligations soon. What I want in the news and from the mouths of the damn cadre of career politicians, who along with teh vermin on Wall Street are responsible, is the damn truth for a change and not propaganda or the party agenda...the vile vermin and traitors are trying to save themselves and the empire that they tried to create for themselves...by double crossing us, stabbing us in the back and selling us out. No more lies.

Posted by: 123Njord | September 30, 2009 10:37 AM | Report abuse

... and there'$ NO inflation.

Posted by: whocares666 | September 30, 2009 10:42 AM | Report abuse

Thanks for the clarification, stupid me thought the job losses were less because there was no one else to let go to boost the bottom line. BTW, it seems corporate America has discovered they get more from less, fewer paychecks and more productivity (because the workers are scared s---less of losing their job). This is a big motivation to hire them back.

Posted by: jak_deth | September 30, 2009 10:54 AM | Report abuse

Today is the last day of the THIRD QUARTER, and the WP prints a report about what happened IN THE SECOND QUARTER!!!

Posted by: tropicalfolk | September 30, 2009 10:58 AM | Report abuse

I agree with Nosh1 and Caliguy. You hit the nail on the head.

I question the motives and loyalty of those who continue to align themselves against America's economic recovery.

Posted by: free-donny | September 30, 2009 11:05 AM | Report abuse

a upward gdp for a compacted economy of course will look good...
but it doesn't mean things are better only that people are being left out of the economy...
if we measured the economy in terms of jobs...
we would see a different picture...

Posted by: DwightCollins | September 30, 2009 12:57 PM | Report abuse

The charade to explain the intentional shrinking of the economy is old and tattered. In addition, it's disparate and fatuous, simply put. In fact, one gets the distinct impression that these government-run slants are being used to support the installation of a fascist agenda.

Posted by: nosam32 | September 30, 2009 1:52 PM | Report abuse

What most pundits fail to mention is the drop in unemployment figures is due in part to the fact that companies have cut the fat, cut the meat and now are down to the bone. There is a point where the cutting has to stop or you don't have enough employees to operate. What many pundits have said is this appears to be a "jobless" recovery and no doubt that is what we're experiencing. It will be a long, painful road ahead for a lot of people because the real estate market is far from turning around as more ARMs will be resetting over the next two years. And commercial real estate is beginning to drop at an accelerated rate which will also dampen the recovery. Face it, folks, it is just plain ugly out there and it will be for some time to come.

Posted by: lance_dc7777 | September 30, 2009 3:39 PM | Report abuse

The economy is coming around, good signs are showing up. It's like any other recession, this one a little longer. The same goes for the doomsayers, every recession has a percentage of these idiots.

Posted by: shipfreakbo214 | September 30, 2009 5:42 PM | Report abuse

Funny how quicky people forget. A year ago economists were talking about our sinking possibly into an official depression. Obama's bold move with the stimulus (and yes, that will take some time to pay off, that's the next big challenge) appears to have headed that off. Steady as she goes, skipper - and thank you.

Posted by: B2O2 | September 30, 2009 10:06 PM | Report abuse

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