2 September 2009, 16:51  U.S. private employers cut 298,000 jobs

U.S. private employers cut 298,000 jobs in August, fewer than a revised 360,000 jobs lost in July, a report by a private employment service said on Wednesday. The July decline was originally reported at 371,000 last month. The median of estimates from 31 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for 250,000 private-sector jobs lost last month. The latest ADP report showed large businesses with 500 employees or more shed 60,000 jobs and medium-size businesses lost 116,000 workers last month. Small businesses that employ fewer than 50 workers cut 122,000 jobs in August.         Service sector jobs fell 146,000 in August, and factory jobs dropped 74,000. TrimTabs Investment Research estimated that job losses accelerated last month, with 335,000 workers laid off, worse than the ADP estimate. TrimTabs uses daily income-tax withholdings to the U.S. Treasury to estimate changes in employment.

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