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The U.S. lost 693,000 private-sector jobs from November to December on a seasonally adjusted basis, according to the national employment report released today by Automatic Data processing Inc. (NYSE: ADP). Today's report includes revisions to its methodology to better accommodate difference between its data and U.S. Bureau of Labor Statistics data.
According to the ADP report, the service sector shed 473,000 jobs. And the goods-producing sector cut 220,000 jobs.
Employment among mid-size companies, those with between 50 and 499 workers, fell by 321,000. Small-size business, those with fewer than 50 workers, cut 281,000 jobs. Large firms with 500 or more employees lost 91,000 jobs.
"Sharply falling employment at medium- and small-size businesses clearly indicates that the recession has now spread well beyond manufacturing and housing-related activities," according to ADP.
Data in the ADP report is derived from an anonymous subset of roughly 500,000 U.S. business clients.