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December Job Losses in Private Sector at 693,000, Worse than Anticipated

Posted on 07 Jan 2009

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U.S. private-sector employers shed 693,000 jobs in December, a private employment service said Wednesday in a report that was far worse than expected and pointed to more disconcerting news from the government's jobs data due later this week. 
The drop, much bigger than the revised 476,000 private sector jobs lost in November, is consistent with about a 670,000 fall in December non-farm payrolls, said Joel Prakken, chairman of Macroeconomic Advisers, which jointly develops the private sector employment report with ADP Employer Services. 
On Friday the government will release its non-farm payrolls report, considered the most authoritative gauge of the U.S. labor market.