Private sector shed more jobs in October

U.S. companies in the private sector lost 157,000 jobs in October, according to the monthly ADP National Employment Report, released today.
NOV 05, 2008
U.S. companies in the private sector lost 157,000 jobs in October, according to the monthly ADP National Employment Report, released today. The loss for the private sector followed a September that saw 26,000 jobs shed, which was revised from an original estimate of 8,000, the report said. The goods-producing sector, which includes manufacturers and construction companies, took the brunt of the October damage, losing 126,000 jobs. Construction lost 45,000 jobs, marking the 23rd consecutive monthly decline in that sector. That brings the total decline in construction jobs to 455,000 since August 2006. “October's ADP National Employment Report offers evidence of a labor market that continues to weaken,” Joel Prakken, chairman of Macroeconomic Advisers LLC, said in a statement. The private-sector-jobs data were compiled jointly by Roseland, N.J.-based Automatic Data Processing Inc. and St. Louis-based Macroeconomic Advisers.

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