WASHINGTON (MarketWatch) -- U.S. private-sector firms shed 693,000 jobs in December, far worse than expected, according to the ADP employment index released Wednesday.
Employment in the services sector fell by 473,000, while employment in the goods-producing sectors fell by 220,000. Large firms cut 91,000 jobs, medium-sized firms cut 321,000 jobs and small firms cut 281,000 jobs.
"Sharply falling employment at medium- and small-size businesses clearly indicates that the recession has now spread well beyond manufacturing and housing-related activities," said economists for Macroeconomics Advisers in a press release.
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