Source:
Bloomberg Dec. 3 (Bloomberg) -- Companies in the U.S. eliminated an estimated 250,000 jobs in November, the most since November 2001, a private report based on payroll data showed today.
The drop was larger than forecast and followed a revised 179,000 decrease in October that was more than previously estimated, ADP Employer Services said.
Companies from Citigroup Inc. to General Motors Corp. have stepped up the pace of firings with the world’s largest economy in its first recession since 2001. A government report in two days may show the economy lost jobs in November for an 11th consecutive month, according to a Bloomberg News survey of economists.
“The report shows a broad and deep contraction in all nooks and crannies of the economy,” Joel Prakken, chairman of Macroeconomic Advisers LLC in St. Louis, said on a conference call. “We’re teetering over the edge of a hill and we’re going to be rolling down it for a while.”
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ADP includes only private employment and does not take into account hiring by government agencies, which is included in the monthly payroll report. Macroeconomic Advisers LLC in St. Louis produces the report jointly with ADP.
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