Private Sector Sheds 157,000 Jobs
- 15 years ago
http://www.employmentcrossing.com
The US private sector lost 157,000 jobs in October, accelerating a decline of 26,000 jobs in September. The October figure was much larger than analysts' consensus forecast of a drop of 100,000 for the ADP National Employment Report.
Automatic Data Processing noted that its survey had not taken into account a strike by 27,000 machinists at aerospace giant Boeing.
ADP also greatly increased the September non-farm jobs loss to 26,000, from a prior estimate of only 8,000.
The October report "offers evidence of a labor market that continues to weaken," ADP said.
The goods-producing sector drove the payrolls loss, shedding 126,000 jobs in its 23rd consecutive monthly decline; while the manufacturing sector marked its 26th straight monthly decline, losing 85,000 jobs.
The services sector lost 31,000 jobs, the first decline since November 2002, when the economy was emerging from recession.
Small businesses employing fewer than 50 workers were hard hit, losing 25,000 jobs in the first decline since November 2002, Roseland, New Jersey-based ADP said.
The US private sector lost 157,000 jobs in October, accelerating a decline of 26,000 jobs in September. The October figure was much larger than analysts' consensus forecast of a drop of 100,000 for the ADP National Employment Report.
Automatic Data Processing noted that its survey had not taken into account a strike by 27,000 machinists at aerospace giant Boeing.
ADP also greatly increased the September non-farm jobs loss to 26,000, from a prior estimate of only 8,000.
The October report "offers evidence of a labor market that continues to weaken," ADP said.
The goods-producing sector drove the payrolls loss, shedding 126,000 jobs in its 23rd consecutive monthly decline; while the manufacturing sector marked its 26th straight monthly decline, losing 85,000 jobs.
The services sector lost 31,000 jobs, the first decline since November 2002, when the economy was emerging from recession.
Small businesses employing fewer than 50 workers were hard hit, losing 25,000 jobs in the first decline since November 2002, Roseland, New Jersey-based ADP said.