RTTNews - Private sector employment fell by much more than expected in the month of August, according to a report released by Automatic Data Processing, Inc. (ADP) on Wednesday, although the report still showed a slowdown in the pace of job losses.

ADP said that non-farm private employment fell by 298,000 jobs in August following a revised decrease of 360,000 jobs in July. Economists had expected a decrease of about 246,000 jobs compared to the loss of 371,000 jobs originally reported for the previous month.

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