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For the month of October, employment statistics were mixed. While the ADP National Employment Report revealed that new job creation increased throughout the month, record layoffs were reported for the same period.
Employers announced 47,724 planned layoffs last month, an increase of more than 40 percent over September’s 33,816 job cuts. The outplacement consultants Challenger, Gray & Christmas reported that layoffs were at the highest level since May. However, most of the planned cuts will take place in Europe. Ford (NYSE:F) said the company will lay off 10,900 workers at plants in the United Kingdom and Belgium.
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“While the Ford job cuts are not impacting American workers, they indicate just how vulnerable companies in the U.S. are to the situation in Europe,” the firm’s chief executive officer John Challenger said in a statement.
In comparison, the ADP National Employment Report showed that new job creation topped economists’ forecasts. According to the report, the United States labor market gained 158,000 jobs in October, far above the estimated 135,000.
Economists often use the ADP report to fine-tune their expectations for the non-farm payrolls report, which is due on Friday, and while the payroll processor’s data does not always match the government’s figures, the company has updated its methodology. Because of a change in the way ADP compiles job data, the company revised its figures for September, reporting only 88,200 new jobs for the month to correct the previously reported figure of 162,000.
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