ADP Says U.S. Companies Cut an Estimated 169,000 Jobs

Companies in the U.S. cut more jobs than forecast in November, indicating the labor market will be slow to mend as the economy strengthens, a private report based on payroll data showed.

An estimated 169,000 jobs were eliminated last month, the fewest since July 2008, according to data from Roseland, New Jersey-based ADP Employer Services today. The figures were forecast to show a decline of 150,000 jobs, according to the median estimate of 32 economists in a Bloomberg survey.

The report signals the job market is still deteriorating and unemployment will probably keep rising even as the economy is emerging from the worst recession since the 1930s. Some economists use the ADP survey in formulating forecasts for the monthly payroll report due from the Labor Department in two days, which may show the pace of job losses slowed.

Read Full Article from BusinessWeek

- Posted: 2009-12-02 14:33:19

More Stock Investor Place Company News

Alibaba's Jack Ma Is Moving On, With an IPO Looming Pfizer’s Possible Unit Shuffle Triggers Breakup Concern Lululemon Raises 4th-Quarter Guidance But Misses Expectations; Shares Down Dell Shares Surge After Report of Possible Buyout ARMZ Seeks Rest of Uranium One for $1.3 Billion; Won’t Raise Bid

Stock Investor Place Company News Archive

January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008