US employment in the private sector fell by 157,000 in October after a downwardly revised September, according to the ADP employment report released Wednesday. The number was way below estimations, as analysts were expecting a 102,000 decline in private sector payrolls. The loss was the biggest since November 2002.
Employment in the services sector fell by 31,000, the first decline in six years. Jobs in the goods-producing sector fell by 126,000, the 23rd consecutive monthly decline. Manufacturing jobs fell by 85,000 and construction jobs dropped by 45,000, bringing its total number of job losses to 455,000 from its peak in August 2006.
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