JOB CUTS at US private employers fell in September to the slowest pace in more than a year, according to a report that suggested businesses may start hiring again sometime early next year.
Private employers shed 254,000 jobs in September, more than the 210,000 economists expected but less than the downwardly revised 277,000 jobs lost in August, according to the ADP Employer Services report.
The data is consistent with a slowing trend showing many sectors of the economy are deteriorating less sharply and, in some cases, have returned to growth, though the US unemployment rate may still hit 10 per cent before the economic pain is over.
"It's obviously a little worse than expected, but the broader theme is that the labour market is getting less worse," said Dan Greenhaus, analyst at Miller Tabak in New York. The ADP and Macroeconomic Advisers say their National Employment Report is designed as a proxy for the government's monthly non-farm payrolls report, due tomorrow. - (Reuters)
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