ADP: Employment Down 157K In October
Non-farm, private employment dropped by 157,000 in October, according to the ADP National Employment Report.
ADP, a payroll services provider, said the decline was driven by the goods-producing sectors, which posted their 23rd consecutive month of decline in October. The manufacturing sector lost 85,000 jobs during October, its 26th consecutive month of decline.
The service sector reported a loss of 31,000 jobs, the sector's first monthly decline since 2002, ADP said.
Employment at large businesses with more than 500 employees fell by 41,000. At medium-size business with between 50 and 499 workers, employment dropped by 91,000 and at small businesses with fewer than 50 employees, employment fell by 25,000, the first monthly decrease in small business employment since 2002, according to ADP.
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