NEW YORK - EMPLOYERS in the United States private sector added 9,000 jobs this month, according to a private report by ADP Employer Services released yesterday, surprising analysts who were expecting a fall.
Economists, who gave various forecasts, had expected the ADP report to show a decline in private-sector jobs, ranging from 110,000 to 4,000. The private sector slashed 77,000 jobs last month, according to revised data, against the 79,000 jobs that were reported lost in the original figures.
The ADP report comes ahead of the government's more comprehensive labour market report due tomorrow, which economists expect will show a decline of 75,000 jobs - making this month the seventh consecutive month of job losses.
Some analysts cautioned against interpreting the report as a sign of a real improvement in the economy as the ADP data does not always correlate with the government's payroll figures.
Wall Street, however, rose in early trading yesterday following the ADP report, and the Federal Reserve said it would extend a measure to boost liquidity in turbulent financial markets.
The Dow Jones Industrial Average was up 71.73 points, or 0.63 per cent, at 11,469.29.
REUTERS
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