The Automatic Data Processing (ADP) employment report was released before the opening bell Wednesday morning, showing that the private sector lost 298,000 jobs during August. Expectations called for a loss of 255,000 jobs, but the loss was better than the revised 360,000 jobs lost during July. A spokesperson for ADP noted a "gradual improvement in labor markets" because "monthly losses are diminishing." That said, the group did note that job losses are likely to continue for "several more months."
In addition to this news, Challenger Gray & Christmas reported that layoffs planned by major U.S. corporations fell 21% from July to August. The 76,456 layoffs in August were the second-lowest amount cut in 2009.
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