The ADP employment report for November showed that the private sector reduced their payrolls by 250,000 which were the most since November, 2001. Goods producing firms led by dropping 158,000 jobs as manufacturing activity has grinded to a halt. Indeed, the forecast for the Non-farm payrolls report is expected to show total job losses for the month at 325,000. However, given the private sector over shot its initial forecast by 45,000 the total losses could be greater.
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