US companies shed 2,500 jobs as October drew to a close

[WASHINGTON] US companies shed 2,500 jobs per week on average in the four weeks ended Nov 1, according to data released on Tuesday (Nov 18) by ADP Research.

The decline suggests the labour market lost momentum in late October. ADP’s monthly jobs report, which was released Nov 5, showed private employment increased 42,000 after declining in the prior two months.

The ADP snapshot of the labour market has helped bridge the gap with official employment data delayed by the longest government shutdown in history. While funding to official statistics agencies has been restored, it’s still unclear when October economic data will be issued.

On Thursday, the Bureau of Labor Statistics will issue its September jobs report, which is expected to show total US payrolls rose 55,000 from the prior month.

The weekly ADP figures follow a number of large companies announcing job cuts during the month, including Amazon.com and Target. Planned layoffs were the highest for any October in more than two decades, according to a report from outplacement firm Challenger, Gray & Christmas.

Meanwhile, Americans have grown increasingly concerned about job security. A Harris Poll for Bloomberg News conducted on Oct 23-25 showed 55 per cent of employed Americans are worried about losing their job. BLOOMBERG