Private Sector Sheds Another 39,000 Jobs In September
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The U.S. private sector lost 39,000 jobs in September, according to data today from the ADP National Employment Report. The drop was worse than the 20,000 job creation economist had predicted.
Small and medium-sized businesses each dropped 14,000 jobs in the month, while large businesses dropped 11,000.
The goods -producing sector dropped 45,000 jobs, while services added 6,000 in the month. The manufacturing industry lost 17,000 jobs.
The rise in the service-sector was the eighth consecutive monthly gain.
"The decline in private employment in September confirms a pause in the economic recovery, already evident in other data. A deceleration of employment occurred in all the major sectors shown in the ADP Report and for all sizes of payroll," said Joel Prakken, Chairman of Macroeconomic Advisers, LLC
Small and medium-sized businesses each dropped 14,000 jobs in the month, while large businesses dropped 11,000.
The goods -producing sector dropped 45,000 jobs, while services added 6,000 in the month. The manufacturing industry lost 17,000 jobs.
The rise in the service-sector was the eighth consecutive monthly gain.
"The decline in private employment in September confirms a pause in the economic recovery, already evident in other data. A deceleration of employment occurred in all the major sectors shown in the ADP Report and for all sizes of payroll," said Joel Prakken, Chairman of Macroeconomic Advisers, LLC
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