Economy Losing Jobs Faster Than Expected

Roseland, NJ, Dec.3, 2008--The U.S. economy lost a quarter-million private-sector jobs in November, worse than economists expected.

Non-farm private employment fell by 250,000 jobs from the previous month on a seasonally adjusted basis, according to the ADP National Employment Report.

The report was expected to show a decline of 200,000 jobs in November, according to a consensus of economists.

The goods-producing sector lost 158,000 jobs last month, its 24th consecutive month of decline, according to the report. This includes 118,000 positions in manufacturing and 44,000 construction jobs.

The service industry shed 92,000 jobs, its second month of losses since the ADP reports began tracking employment in 2002.

Medium-sized businesses, with between 50 and 499 workers, were the hardest-hit part of the economy, shedding 130,000 jobs last month. Large businesses, with at least 500 workers, lost 41,000 jobs. Small businesses, with less than 50 workers, lost 79,000 positions.

The ADP also revised its reading for October, to a loss of 179,000 jobs from the previously reported loss of 157,000.