According to the ADP National Employment Report released Wednesday, October was the seventh consecutive month during which the decline in employment was less than in the previous month.
The report also states, though, employment (despite recent indications showing overall economic activity is stabilizing) which usually trails overall economic activity is likely to decline for at least a few more months.
October's ADP Report estimates nonfarm private employment in the service providing sector fell by 86,000. Employment in the goods-producing sector declined 117,000, with employment in the manufacturing sector dropping 65,000.
In October, construction employment dropped 51,000. This was the 33rd consecutive monthly decline. It brings the total decline in construction jobs since the peak in January 2007 to 1,675,000.
Employment in the financial services sector dropped 18,000, the 23rd consecutive monthly decline.
-- Joe Rutland
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