ADP Weekly Report: U.S. Companies Lay Off an Average of 2,500 Employees Per Week Over Four Weeks Ending November 1

BlockBeats News, November 18 — According to data released by ADP Research on Tuesday, U.S. companies laid off an average of 2,500 employees per week over 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 jobs, following two consecutive months of decline. The U.S. Bureau of Labor Statistics is set to release the September employment report on Thursday, which is expected to show a total increase of 55,000 jobs compared to the previous month. Prior to the release of ADP's weekly data, several major companies had already announced layoffs for the month, including Amazon and Target. According to a report by Challenger, planned layoffs in October reached their highest level in over two decades. (Jin10)