693,000 jobs shed in December

JAN 07, 2009
Nonfarm private employment shrunk by a seasonally adjusted 693,000 jobs from November to December, according to a report from ADP. The numbers are computed by Washington-based Macroeconomic Advisers using anonymous payroll data collected by Vineland, N.J.-based ADP from roughly 500,000 companies. The government will release employment data on Friday. ADP estimated that the service-sector cut 473,000 jobs in December, while employment in goods-producing sectors declined by 220,000 jobs, the twenty-third consecutive monthly decline.

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