U.S. Private Sector Shed 250,000 Jobs in November

Largest decline in 6 years

In a further indication of a tightening labor market amid recession, the U.S. private sector lost 250,000 jobs in November, the largest decline in six years, according to the ADP National Employment Report.

The job loss was again driven by the goods-producing sector, which posted its 24th consecutive monthly decline in November.

Nonfarm private employment decreased 250,000 from October to November on a seasonally adjusted basis, it said. The decline exceeded analysts' consensus forecast of a 200,000 drop.

The Labor Department will issue its nonfarm payrolls report on Dec. 5 and analysts expect major job losses in November.

This year, the U.S. economy has shed 1.2 million jobs, and president-elect Barack Obama warned millions more could be lost next year without urgent action. Obama had announced plans to create 2.5 million new jobs as he forged ahead in his bid to shore up the flagging economy before his January 20 inauguration.

The Federal Reserve has warned the jobless rate could climb to 7.6% in 2009 as the economy struggles with a recession amid global financial turmoil.

Copyright Agence France-Presse, 2008

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