U.S. Sept. ADP employment down 39,000. WASHINGTON (MarketWatch) - Companies in the U.S. private sector shed 39,000 jobs in September, according to the ADP employment report released Wednesday. The reading was below than economist's expectations of a 20,000 gain. This is the first decline in the ADP report since January. In August, companies added a revised 10,000 jobs, up from the initial estimate of a drop of 10,000. According to ADP, the goods-producing sector lost 45,000 jobs in September, including 17,000 in manufacturing. The service sector added 6,000 jobs. On Friday, the Labor Department will release its monthly employment report. Economists expect nonfarm payroll fell 8,000 in September after falling 54,000 in August. The unemployment rate is expected to inch higher to 9.7%. The private sector is expected to add 85,000 jobs, up from 67,000 in the prior month.
Wednesday, October 06, 2010
Wonder how the MSM will spin this as a positive.
Posted by traderrob at 7:40 AM