Sept. 4 (Bloomberg) — Companies in the U.S. cut an estimated 33,000 jobs in August, a private report based on payroll data showed today.
The decrease followed a revised gain of 1,000 for the prior month that was lower than previously estimated, ADP Employer Services said.
The extended housing slump, high raw material costs and weaker demand are prompting employers to cut staff. Economists forecast the Labor Department will report tomorrow that the U.S. lost jobs for an eighth straight month last month.
Read moreU.S. Companies Cut 33,000 Jobs in August