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(Press TV) -- US private companies eliminated 693,000 jobs in December, far more than what analysts expected, a private employment service says. The number of job cuts in the ADP Employer Services report was larger than the revised 476,000 jobs lost in November. This marks the most job cuts since ADP began keeping records in January 2001. Economists had predicted that 473,000 private-sector jobs would be cut in December. A Labor Department report, due Jan. 9, is expected to reveal that the US job losses in 2008 had reached the highest level since the end of World War II. Payrolls fell 500,000 in December, bringing total job losses in 2008 to 2.4 million, the most since 1945, according to a poll of analysts surveyed by Bloomberg News. The ADP report is based on data from about 400,000 businesses with approximately 24 million workers on payrolls. It is expected that companies would continue to slash more jobs in 2009 as the recession heads into a second year, leaving the US President-elect Barack Obama with an unemployment rate of 6.7 percent. Obama warned last week of double-digit unemployment should a swift action not be taken to tackle the financial crisis. The president-elect said on Tuesday that he expects to inherit a US budget deficit approaching USD1 trillion and his administration would have to make some tough budget choices. The Congressional Budget Office said Wednesday that the provisional US budget deficit in 2008/2009 will hit 1.2 trillion dollars. |
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