Private Sector Cuts 39,000 Jobs In Sept

The US private sector shed jobs in September for the first time since January, according to the ADP employment report released on Wednesday. The private sector employment fell by 39,000 last month. The decline was unexpected and most economists were expecting jobs to rise by a couple of thousands. The ADP report points towards a higher-than-expected decline in nonfarm payrolls in September. The ADP report included an upward revision in the August data to an increase of 10,000 jobs, as compared to the earlier estimate of a 10,000 decline. The ADP report said that the goods-producing sector shed 45,000 jobs, which included a 17,000 job cut in manufacturing, in September. Last month, the service sector added 6,000 jobs. Employment by large businesses fell by 11,000, while that in medium-size businesses was down by 14,000. Employment in small enterprises fell by 14,000. Read more