Private-sector sheds 10,000 jobs
In more sobering economic news, Automatic Data Processing, Inc. (ADP), a large payroll company, reported that the private-sector cut 10,000 jobs last month. Economists had forecasted that the report would show an increase of 17,000. The report underscores the continued difficulties smaller businesses are having in the current economic climate; while large businesses, those with 500 employees or more, added 1,000 jobs, medium and small businesses shed a combined 11,000 jobs.
Note: The ADP survey includes only private-sector jobs. The Bureau of Labor Statistics unemployment report includes government workers and will be released on Friday.