U.S. private employers likely added 58,000 jobs in September, in line with expectations, a report by a private employment service said on Wednesday.
ADP Employer Services, whose employment report was jointly developed with Macroeconomic Advisers LLC, said it revised down to 27,000 from 38,000 the number of jobs created in August.
The consensus estimate of 26 economists surveyed by Reuters was for the ADP report to show 58,000 new private sector jobs in September.
"This month's ADP National Employment Report was the third consecutive weak reading and confirms the recent deceleration of employment," said Joel Prakken, Chairman of acroeconomic Advisers.
Government bonds were little moved by the report, which is released each month, two days prior to the government's own job survey.
In September, employment in the construction sector fell by 20,000, the 12th decline in thirteen months, bringing the cumulative decline since August of 2006 to 157,000, the report showed.
The report also showed that employment in the financial sector dropped by 7,000 in September, the second consecutive monthly decline after nearly six years of uninterrupted growth.
These are the two sectors of the economy hit hardest by the turmoil in credit markets, stemming from subprime mortgage problems and the slump in the housing sector.
Layoffs Fall Nearly 10%
A separate survey by Challenger, Gray & Christmas showed planned U.S. lay-offs fell 9.7 percent to 71,739 in September. They were 28.5% lower than September 2006, when employers announced 100,315 job cuts, one of only two times last year when monthly job cuts exceeded 100,000.
Year to date, employers have announced 587,594 job cuts, 8.1% fewer than the 639,229 cuts announced in the same period a year ago.