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U.S. Job Cuts Rise 274%, ADP Payrolls Plunge 693K in December
Wednesday, 07 January 2009 11:48:03 GMT  |  David Song, Currency Analyst and Geng Chen, DailyFX Research
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Deteriorating fundamentals continues to reflect a dour outlook for the U.S. as job cuts rose 274% to 166,348, lead by declines at financial firms, telecommunication and chemical makers. Meanwhile, the ADP employment report showed that U.S. payrolls fell at a record pace as the world’s largest economy lost 693K jobs in December. In addition, the September reading was revised significantly lower to -472K from an initial reading of -250K, which suggests that conditions will only get worse as firms continue to cutback on production. The data foreshadows a dismal Non-Farm Payrolls release for Friday, which could trigger heavy selling pressures for the U.S. dollar over the remainder of the week.

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