Private sector lost 39,000 jobs in September: ADP
The private sector shed 39,000 jobs in September negating gains of the past seven months and confirming "a pause in the economic recovery already evident in other data," according to the monthly ADP National Employment Report. Only the service-related sector saw an increase in employment levels in September adding 6,000 jobs for eight-straight months of gains. The goods-producing sector took the hardest hit of the month dropping 45,000 jobs. Meanwhile construction lost another 28,000 jobs last month, pushing the total number of job losses in the sector to almost 2.3 million since January 2007. Much like construction, employment in financial services has declined steadily for three years and another 13,000 jobs were lost in September. "The September decline in employment followed seven monthly increases from February through August," ADP said. "However, over those seven months, the average monthly gain in employment was 34,000. There simply is no momentum in employment." ADP also revised its August figure to a decline of 10,000 jobs from a previously reported increase of 10,000. The payroll giant conducts the survey, which excludes federal jobs, in conjunction with Macroeconomic Advisers. Write to Jason Philyaw.