ADP "U.S. companies cut an average of 11,250 jobs per week by the end of October"
Summary
- Payroll processing company ADP said that over the four weeks ended October 25, an average of 11,250 jobs per week were cut.
- It said this reflects a slowing labor market along with recent announcements of workforce reductions by several companies.
- It reported that U.S. companies announced the largest layoffs in 20 years during October, increasing unease about the labor market.
Labor market slowed further toward the end of October compared with early October
Payroll processing company ADP Research said on the 11th (local time) that U.S. companies cut an average of 11,250 jobs per week over the four weeks ended October 25.
This suggests that the U.S. labor market slowed more in the latter half of October than in early October. The figure appears to include several companies' announcements of workforce reduction plans in recent weeks.
According to ADP's latest monthly report released last week, private-sector employment in the U.S. increased by 42,000 in October.
According to outplacement firm Challenger, Gray & Christmas, U.S. companies announced the largest number of layoffs in 20 years during October. This has increased unease about the labor market.
The longest government shutdown in U.S. history delayed the release of major economic statistics, including the September and October employment reports. To fill this gap, ADP has been issuing a weekly employment report every other week alongside its monthly private-sector employment report.
Guest reporter Jung-ah Kim kja@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
