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ADP report: Fewer U.S. non-farm jobs cut than forecast

Published 02/03/2010, 08:36 AM
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U.S. employers cut 22,000 non-farm jobs in the private sector in January, far less than analysts had forecast, U.S. payroll processing company Automatic Data Processing said in a report on Wednesday.  

Analysts had expected the National Employment Report to reveal that employers cut between 30,000 to 40,000 jobs during the month. ADP also revised its figure for the preceding month down to 61,000 from 84,000.  

The report estimated that nonfarm private employment in the service-providing sector increased by 38,000, the second consecutive monthly increase. However, this employment growth was not enough to offset continued losses in the goods-producing sector, the report said.  

Despite the data, the outlook for U.S. markets remained dim. Dow Jones Industrial Average futures indicated a drop of 0.41%, S&P 500 futures pointed to a decline of 0.47% and Nasdaq 100 futures indicated a fall of 0.50%.

 

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