ADP: 254k Jobs Lost in September
Private jobs shrunk at their slowest monthly pace since July of 2008 in September, according to the ADP employment survey, which tracks payrolls from private industry.
ADP said 254,000 jobs were lost in September, including 103,000 in the services sector and 151,000 in the manufacturing sector. Wall Street was disappointed with the results though, as forecasters were looking for a total decline of 195k jobs.
Economists said the report would have little impact as the ADP survey has been off in recent months, and traders are more concerned with the official statistics coming out Friday.
“Over the last six months, the ADP estimate has undershot the official BLS count by an average of 73k per month,” noted analysts from Nomura. “Adding this amount to the ADP estimate for September produces an adjusted value of about -180k â€
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