As evidence of weakness in the overall labor market, jobs in the private sector fell by 8,000 over September with medium and large businesses especially hard hit — reporting losses of 30,000 and 6,000, respectively.
The aggregate losses were propelled by the goods-producing sector, which suffered its 22nd consecutive monthly decline with a loss of 72,000 jobs, and the manufacturing sector, which has reported 25 consecutive down months, posting a loss of 48,000 jobs, according to the ADP National Employment Report.
The plunge was somewhat offset by moderate job gains in the small business sector, which added 28,000 jobs in September, and the services sector, which reported an additional 64,000 jobs.
The ADP National Employment Report, in partnership with Macroeconomic Advisers LLC, is based on actual payroll data and measures the change in total nonfarm private employment each month.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access