US private sector employment dropped sharply in August for the first time since February, trouncing forecasts and offering a grim outlook for the ailing US economy, payrolls firm ADP said today.
Private-sector employment decreased by 39,000 from August to September on a seasonally adjusted basis, according to the monthly report. Most analysts expected a gain of 18,000 jobs in September.
'The decline in private employment in September confirms a pause in the economic recovery already evident in other data,' the report said.
ADP nevertheless revised its August figure from a decline of 10,000 jobs to an increase of 10,000 jobs.
