 US firms' job cuts exceed 157,000
(China Daily)
Updated: 2008-11-06 07:50 Companies in the US cut an estimated 157,000 jobs in October, more than forecast, a private report based on payroll data showed yesterday. The drop followed a revised 26,000 decrease in September that was larger than previously estimated, ADP Employer Services said. Firings have spread from automakers, financial and housing-related companies to retailers and other services as the economic slump deepened. A government report in two days may show the economy lost jobs in October for a 10th consecutive month, according to a Bloomberg News survey of economists. "US labor-market conditions are likely to continue deteriorating," Michael Hanson, an economist at Barclays Capital Markets in New York, said before the report. "We expect the unemployment rate to climb." The ADP report was forecast to show a decline of 100,000 jobs, after an originally reported drop of 8,000 in September, according to the median estimate of 28 economists in a Bloomberg News survey. Projections ranged from decreases of 245,000 to 70,000. Agencies (China Daily 11/06/2008 page17) |
