Private sector cuts 33,000 jobs in August

Source: Exec Digital USA

Date :9/4/2008 4:04:34 AM

Private employers cut 33,000 jobs in August, according to a private report by ADP Employer Services released today, September 4.

An ADP National Employment Report has revealed that private employment decreased 33,000 from July to August 2008 on a seasonally adjusted basis.

In July, the private sector added 1,000 jobs, according to revised ADP data. July's figure was originally reported as a rise of 9,000 jobs.

The employment loss was largely driven by the goods-producing sector, which declined 78,000 during August, its twenty-first consecutive monthly decline, while the manufacturing sector marked its twenty-fourth consecutive monthly decline, losing 56,000 jobs.

The losses were offset by employment gains in the service-providing sector of the economy which advanced by 45,000.

The decline in August continues the recent trend in employment that is consistent with an economy that is growing slowly but has not fallen into recession.