Payroll processor Automatic Data Processing [ADP] said companies cut 10,000 jobs in August.
ADP: “Private sector employment decreased by 10,000 from July to August on a seasonally adjusted basis, according to the latest ADP National Employment Report® released today. The estimated change of employment from June to July was revised down slightly, from the previously reported increase of 42,000 to an increase of 37,000.
The decline in private employment in August confirms a pause in the recovery already evident in other economic data.
Unlike the estimate of total establishment employment to be released on Friday by the Bureau of Labor Statistics (BLS), today’s figure does not include the effects of federal hiring — and now firing — for the 2010 Census.”