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ADP Weekly Report: For the four weeks ending November 1, U.S. companies averaged about 2,500 layoffs per week.
On November 18, according to data released by ADP Research on Tuesday, U.S. companies averaged about 2,500 layoffs per week for the four weeks ending November 1. This indicates that the labor market lost some momentum in late October. The monthly employment report released on November 5 showed that private sector employment increased by 42,000, following two consecutive months of decline. The U.S. Bureau of Labor Statistics will release the September employment report on Thursday, with total U.S. employment expected to increase by 55,000 from the previous month. Before the weekly data release from ADP, several large companies had already announced layoffs for the month, including Amazon and Target. According to a report from Challenger, the planned layoffs in October of this year were the highest in over twenty years. (Jin10)