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Non-farm private employment decreased a gargantuan 693,000 in December -- much worse than expected -- on a seasonally adjusted basis, ADP announced Tuesday in the ADP National Employment Report (pdf).

Meanwhile, the November estimated change in employment was revised to a decrease of 476,000 from the previously-announced decrease of 250,000 jobs, ADP said.

Economists surveyed by Bloomberg News had expected the ADP report to show the loss of 495,000 private sector jobs in December.

Note: This month, ADP revised the report's methodology, hence economists say comparisons to November and prior month job reports are not recommended.

Manufacturing employment fell 120,000 in December -- its 27th consecutive monthly decline. Meanwhile, the service sector of the economy lost 473,000 jobs, the first back-to-back monthly job loss in the service sector since November 2002.

Continue reading Private sector cut 693,000 jobs in December, ADP says

Private sector cut 693,000 jobs in December, ADP says originally appeared on BloggingStocks on Wed, 07 Jan 2009 10:10:00 EST. Please see our terms for use of feeds.

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