ADP Says US Lost 169,000 Jobs

Payroll services company ADP estimated that 169,000 jobs were lost in November. The number – the lowest since July – suggests that jobs are still disappearing but at a slower rate than earlier in the year.

“We’re going to see job losses extend well into 2010,” said Ryan Sweet, a senior economist at Moody’s Economy.com in West Chester, Pennsylvania, who forecast a loss of 178,000 jobs. “The labor market is crawling towards stabilization. We need the labor market to improve to generate the wage income necessary to support spending.”

Bloomberg

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