Private sector employment fell by 157,000 jobs last month, according to data from payroll giant ADP.
The company's national employment report, compiled by Macroeconomic Advisers, showed that the declines occurred across companies of all sizes and industry sectors. Small businesses lost 25,000 jobs, midsized businesses dropped 91,000 jobs, and large businesses cut 41,000 jobs in October. In the goods-producing sector, employment declined by a whopping 126,000 jobs, and in the service-providing sector, by 31,000 jobs. The manufacturing industry lost 85,000 jobs last month.
ADP also steeply revised its figures for September, from a decrease of 8,000 jobs to a decrease of 26,000 jobs (see Private Sector Loses 8,000 Jobs).
The U.S. Labor Department's Bureau of Labor Statistics reported a decline of 159,000 jobs in the private and public sectors in September, and an overall decline of 760,000 jobs since the beginning of the year.
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