Private sector businesses cut 169,000 jobs last month, according to the latest employment report by payroll giant ADP, but that was the eighth consecutive month in which the decline in employment was less than in the previous month.
The report found that small businesses with less than 50 employees cut 68,000 jobs in November, while midsized businesses with between 50 and 499 employees slashed 57,000 jobs. Meanwhile, large businesses with 500 employees or more cut 44,000 jobs.
Altogether the goods-producing sector lost 88,000 jobs, including 36,000 from small businesses. The service sector dropped 81,000 jobs, including 32,000 from small businesses.
Although overall economic activity is stabilizing, employment usually trails economic activity, so it is likely to decline for at least a few more months, said Joel Prakken, chairman of Macroecomic Advisers, which compiles the reports for ADP.
The manufacturing industry cut 44,000 jobs, as did the construction industry. Employment in the financial services sector fell by 17,000, its 24th consecutive monthly decline.
