ADP Report Paints Bleak Job Picture
The ADP Employment Report showed that U.S. private sector employment decreased by 157,000 in October. This was well above the economists survey of 102,000 jobs losses.
The estimated change in employment from August to September was revised down from a decrease of 8,000 to a decrease of 26,000.
Small businesses lost 25,000 jobs, the first outright decline in small business employment reported by the ADP Report since November of 2002, and the largest percentage decline since the economy was emerging from recession in early 2002. Medium businesses lost 91,000 jobs and Large businesses lost 41,000 jobs.
The report showed that the employment loss was driven by the goods-producing sector which declined 126,000 during October, its twenty-third consecutive monthly decline. Construction employment dropped 45,000, its twenty-third consecutive monthly decline.
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