ADP Report Shows Contraction in Services and Small Business Jobs

"This month’s employment loss was driven by the goods-producing sector which declined 126,000 during October, its twenty-third consecutive monthly decline. The manufacturing sector marked its twenty-sixth consecutive monthly decline, losing 85,000 jobs. These losses were compounded by an employment decline in the service-providing sector of the economy which fell by 31,000, the first loss in the service-providing sector recorded by the ADP Report since November of 2002."