The latest data released by job market Research firm ADP Research on Tuesday (November 11th) showed that U.S. companies cut an average of 11,250 jobs per week in the four weeks ending October 25th.
The latest data shows that the momentum of the US labor market in late October has slowed down compared to early October. Its last monthly report released last week showed that after two consecutive months of decline in August and September, 42,000 jobs were added in the US private sector in October.
As the US federal government has been shut down since October 1st, setting a record for the longest period in history, several key economic data have been delayed in being estimated and released, including the employment data for September and October. As a result, investors have turned to other private sector data for guidance, including ADP.
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