Companies in the U.S. private sector shed 157,000 jobs in October, according to the ADP employment report released Wednesday. The report comes two days before the Labor Department reports on nonfarm payroll growth for October. The report suggests that the job report could be very weak. Analysts note that the ADP has overshot the employment report in each of the past eleven months. The report was weak across the board. The goods-producing sector lost 126,000 jobs in October, while manufacturing lost 85,000 jobs. The service-producing sector shed 31,000 jobs. I thought we are in "recovery economic cycle"...
1) The report was "leaked" Monday and Tuesday. 2) The job recovery is taking place where jobs are being outsourced to overseas.
The ADP report generally overstates employment. I expect to see a loss of over 200,000 jobs in the nonfarm payrolls report.