US private employers shed 32,000 jobs in September, the latest sign that the labor market is in a serious pullback. The data out from payroll processor ADP was far below economists’ expectations of 51,000 jobs added.
Private payrolls for August were also revised sharply lower to a loss of 3,000, after data initially showed a gain of 54,000.
“Despite the strong economic growth we saw in the second quarter, this month's release further validates what we've been seeing in the labor market, that US employers have been cautious with hiring,” ADP chief economist Nela Richardson said in a statement.
Yahoo Finance
US private employers shed 32,000 jobs in September, the latest sign that the labor market is in a serious pullback.
The data out from payroll processor ADP was far below economists’ expectations of 51,000 jobs added.
Private payrolls for August were also revised sharply lower to a loss of 3,000, after data initially showed a gain of 54,000.
“Despite the strong economic growth we saw in the second quarter, this month's release further validates what we've been seeing in the labor market, that US employers have been cautious with hiring,” ADP chief economist Nela Richardson said in a statement.
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