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Private sector cuts 250,000 jobs in November

(Agencies)
Updated: 2008-12-03 22:55

NEW YORK – Private employers cut 250,000 jobs in November, the most in seven years, a report by a private employment service said on Wednesday.

People search for jobs on computers at the Verdugo Jobs Center in Glendale, California, November 7, 2008. [Agencies]

ADP Employer Services also said it revised the number of jobs cut in October to 179,000 from the originally reported loss of 157,000.

Economists had expected the ADP report to show 200,000 private-sector jobs were lost in November, according to the median of forecasts in a Reuters poll. The 24 forecasts ranged from a drop of 350,000 to a decline of 175,000.

The ADP Employer Services report was jointly developed with Macroeconomic Advisers LLC.