ADP Report Confirms Weak Employment Conditions

Roseland, NJ, Sept. 4, 2008--U.S. firms cut an estimated 33,000 jobs in August, according to a private report from ADP Employer Services.

The decrease followed a revised gain of 1,000 for the prior month that was lower than previously estimated, ADP said.

The extended housing slump, high raw material costs and weaker demand are prompting employers to cut staff.

The ADP report was forecast to show a decline of 30,000 jobs, after an increase of 9,000 in July, according to the median projection in a Bloomberg News survey.

ADP includes only private employment and does not take into account hiring by government agencies.

The ADP report is based on data from 399,000 businesses with about 24 million workers on payrolls.