Topline<\/p>\n
The U.S. private sector shed more than 13,500 jobs per week on average in October and early November, according to data released Tuesday by the private payroll processing firm ADP, offering one of the few real-time reads on a weakening labor market.<\/p>\n
DUIVEN, NETHERLANDS – MAY 11: A teacher takes a class in a classroom at a Elementary school on May 11, 2020 in Duiven,Netherlands. Schools open their doors today and children can go back to school after almost two months of compulsory closing. (Photo by Rene Nijhuis\/BSR Agency\/Getty Images)<\/p>\n
Getty ImagesKey Facts<\/p>\n
Private sector employers shed<\/a> an average of 13,500 jobs per week in the four weeks ending Nov. 8, a sharp pickup from the 2,500 weekly losses reported in ADP\u2019s previous update<\/a>.<\/p>\n The latest reading marks a nearly 20% increase in job losses from ADP\u2019s prior four-week period<\/a>, when employers cut an average of 11,250 jobs per week through Oct. 25.<\/p>\n ADP\u2019s weekly update has taken on outsized importance as key federal labor reports remain delayed by the shutdown, per CNBC<\/a>.<\/p>\n Conditions appeared steadier in early October, when ADP reported <\/a>private sector payrolls rose by 42,000 in October and wages were up 4.5% year over year, but data released a week later showed <\/a>a weaker picture for the end of the month.<\/p>\n Crucial Quote<\/p>\n