Julia Fanzeres
Bloomberg News
(TNS)
U.S. companies shed 11,250 jobs per week on average in the four weeks ended Oct. 25, according to data released Tuesday by ADP Research.
The figures suggest the labor market slowed in the second half of October, compared with earlier in the month. ADP’s most recent monthly report, released last week, showed private-sector payrolls increased 42,000 in October after declining in the prior two months.
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The figures come after an array of companies flagged plans to reduce headcount in recent weeks. A report from outplacement firm Challenger, Gray & Christmas Inc. showed employers announced the most job cuts for any October in more than two decades, spurring anxiety about the health of the labor market.
Separate data from the University of Michigan show that 71% of respondents expect unemployment to rise in the year ahead, the largest share since 1980.
The longest government shutdown in U.S. history has delayed the release of key economic statistics, including the jobs reports for September and October. Investors have been looking to other metrics, like ADP, to fill the gaps. ADP announced last month that it will now also be releasing a four-week moving average of the change in total private employment.
Goldman Sachs Group Inc. economists estimate U.S. payrolls declined by 50,000 in October, after including employees who participated in the government deferred resignation program. They now see an increased risk of labor market deterioration.
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Tags: ADP, economy, employment, job cuts, jobs, jobs report, layoffs, Payroll
