TrimTabs data shows US lost 65,000 jobs in September
As the Labor Department prepares to issue non-farm payroll figures for September on Friday, another report shows overall employment figures continue to fall as temporary Census workers are let go. TrimTabs Investment Research said the U.S. workforce shrunk for the fourth-straight month in September, losing another 65,000 jobs. The investment research firm estimates the the Census Bureau laid off 78,000 temporary workers in September, while the private sector added between 15,000 and 25,000 jobs "The economy has stalled," said Madeline Schnapp, director of macroeconomic research at TrimTabs. "The private sector isn’t growing fast enough to offset the negative impact of waning government stimulus." Also Wednesday, Automatic Data Processing reported the private sector shed 39,000 jobs last month. Analysts polled by Econoday expect the Bureau of Labor Statistics to report on Friday that non-farm payrolls fell by 8,000 jobs last month. The estimates range from adding 25,000 jobs to losing 75,000. TrimTabs expects economic growth will likely be "lackluster for quite some time" because unemployment is flirting with 10%, some 7 million homeowners are delinquent on their mortgages, 11 million homeowners owe more than their homes are worth, and 78 million baby boomers are desperately trying to save for retirement. "Private sector job growth has been abysmal, averaging less than 52,000 per month since July," Schnapp said. "The economy needs to create at least 150,000 jobs every month just to keep pace with population growth. If the economy is improving as much as the bulls claim,then why is Ben Bernanke contemplating more quantitative easing?" Some Federal Reserve officials have been hinting that the Fed will soon begin purchasing mortgage-backed securities as part of quantitative easing and larger economic stimulus. TrimTabs data are based on analysis of daily income tax deposits to the Treasury from all salaried U.S. employees. Write to Jason Philyaw.