ADP Says US Companies Cut 39,000 Jobs in August

According to data from payroll services provider ADP Employer services, US companies cut 39,000 jobs in August. The median estimate of 37 economists surveyed by Bloomberg News called for a gain of 20,000. Forecasts ranged from a decline of 44,000 to a 75,000 increase.

“Although labor conditions remain weak, we anticipate further improvement taking hold in the coming months as conditions gradually improve,” Maxwell Clarke, chief U.S. economist at IDEAglobal in New York, said before the report.

Source: Bloomberg

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