According to ADP’s latest National Employment Report, private employers cut 169,000 jobs from October to November 2009. The cuts were nearly evenly split between the service-producing and goods-producing sectors which lost 81,000 and 88,000 jobs, respectively.
Losses in the goods-producing sector were split equally between construction and manufacturing industries both of which cut 44,000 jobs. The biggest loser in the service-producing sector was the financial services industry which lost 17,000 jobs.
Over 40%, or 68,000, of the jobs lost came from small businesses (fewer than 50 workers). Medium-sized businesses (50-499) cut 57,000 jobs, and large businesses (500+) cut 44,000 jobs.
The upshot of the report’s findings is that November was the 8th consecutive month of declining job losses, indicating that while job losses continue, they are slowing down as the economy attempts to stabilize.
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