Private sector employers did away with a staggering 693,000 jobs between November and December, according to the latest ADP National Employment Report.
The service sector dropped 473,000 jobs while the goods-producing sector lost 220,000. The goods-producing sector has seen 23 consecutive months of job losses, ADP reported.
Employment in the manufacturing sector fell by 120,000 in December. That was the sector’s 27th decline in the last 28 months.
ADP, a payroll services company, said it had revised its employment report survey methodology to make its report more complementary to similar government reports compiled by the U.S. Bureau of Labor Statistics.
