ADP says job losses are slowing
Non-farm job losses in July to August were the smallest monthly total in 11 months, Automatic Data Processing reported Wednesday.
ADP estimated 298,000 private jobs were lost in the month and revised its estimate of June to July losses, shaving 11,000 off last month’s estimate of 371,000.
Employment losses are clearly diminishing, ADP said.
In the recent month, businesses with 500 or more employees lost 60,000 jobs, while mid-sized businesses lost 116,000. Smaller businesses — with under 50 employees — shed 122,000 jobs.
Construction lost 73,000 jobs in the month, bringing the total of job losses in the sector to 1,562,000 since January 2007.
Financial services lost 19,000 jobs July to August, the 21rst consecutive months of losses in the sector, ADP said.