4-Dec-08
NEW YORK (Reuters) – Private employers cut 250,000 jobs in November, an unexpectedly large number and the biggest in seven years, while the service sector, which powers most of the economy, posted its worst slump on record.
Wednesday's reports were the latest signs that the slide in the U.S. job market is nowhere near bottom and suggested Friday's government payrolls report could exceed current expectations for 320,000 job losses in November.
The Institute for Supply Management said its index of non-manufacturing businesses dropped to the lowest in the survey's 11-year history, while a record low in its employment gauge raised worries about the payrolls report.
"This is consistent with payrolls falling by about 500,000; let's hope it is very wrong," said Ian Shepherdson, chief U.S. economist at High Frequency Economics in Valhalla, New York.
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