ADP employment report shows worse than expected job losses in September
The private sector cut 254,000 jobs in September, according to data in the ADP National Employment Report. The August figure was revised to 277,000 jobs lost, down from the initial estimate of 298,000.
Economists surveyed by Bloomberg News had expected private employers to cut 200,000 jobs in September.
ADP noted that the 254,000 private payroll cutback was the smallest since July 2008. Nevertheless, "employment, which usually trails overall economic activity, is likely to decline for at least several more months, with losses continuing to diminish," ADP said.