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The U.S. lost 157,000 private-sector nonfarm jobs in October on a seasonally adjusted basis, according to the national employment report released today by Automatic Data Processing Inc. (NYSE: ADP).
The goods-producing sector shed 126,000 jobs in October. In addition, the service sector lost 31,000 jobs, the first job loss since November 2002, according to the report.
Also, the report revised the number of jobs lost in September to 26,000 from 8,000.
The report is based on data from ADP derived from an anonymous subset of roughly 500,000 U.S. business clients.