US pvt firms cut over two lakh jobs in August

Non-farm private employment decreased 2,98,000 from July to August 2009, according to the ADP National Employment Report released today.
The report noted that the estimated change of employment from June to July was revised by 11,000 from a decline of 3,71,000 to a decline of 3,60,000.

August’s employment decline was the smallest since September of 2008. Employment losses are clearly diminishing. “Despite recent indications that overall economic activity is stabilising, employment, which usually trails overall economic activity, is still likely to decline for at least several more months, albeit at a diminishing rate,” the report said.
Grappling with the worst financial turmoil in nearly 80 years, American firms have resorted to massive layoffs as part of their efforts to cut down on costs.

“Employment among small-size businesses, declined 122,000. Since reaching peak employment in January 2008,” it added.