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ADP National Employment Report decreased 157,000
Nonfarm private employment decreased 157,000 from September to October 2008 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change in employment from August to September was revised down from a decrease of 8,000 to a decrease of 26,000. October’s ADP National Employment Report offers evidence of a labor market that continues to weaken. Note that this month, the ADP Report does not reflect the strike of some 27,000 machinists in the aerospace industry during September and October.
This month’s employment loss was driven by the goods-producing sector which declined 126,000 during October, its twenty-third consecutive monthly decline. The manufacturing sector marked its twenty-sixth consecutive monthly decline, losing 85,000 jobs. These losses were compounded by an employment decline in the service-providing sector of the economy which fell by 31,000, the first loss in the service providing sector recorded by the ADP Report since November of 2002.
Posted: November 5, 2008 Wednesday 08:15 AM