US private sector cuts 10,000 jobs

The August private sector layoffs the worst in the past seven months


Source: Press TV
http://www.presstv.ir/detail/140906.html


The private sector in the United States has cut 10,000 jobs in August to underscore a weakening labor market, the ADP Employer Services says.

The drop last month represented the first monthly decline since last December, while it failed to meet economists' estimates that recruiting would edge higher.

Most experts had predicted 13,000 jobs to be created.

"The decline in private employment in August confirms a pause in the recovery already evident in other economic data," ADP said, AFP reported.

"The deceleration in employment was evident in the major sectors and by size of business."

ADP said over those six months, from February to July, the monthly gain in employment on average was 37,000 with no indication of acceleration.

"Today's report brings clearly disappointing news for the labor market," said Natixis analyst Thomas Julien.

The data provided by ADP is closely monitored as a foreshadower of Friday's government non-farm payrolls figures, which are expected to show that the US economy axed 131,000 workers.

It, however, is expected to show an increase of 42,000 employees in the private sector.