Private employers in the US shed the largest number of jobs in two-and-a-half years in September, according to unofficial data that investors are relying on due to the government shutdown.
Private sector employment decreased by 32,000 last month, ADP said on Wednesday in its national employment report, confounding economists’ expectations for the addition of 50,000 roles and triggering a rally in US Treasuries that sent yields lower.
Investors and policymakers are paying closer attention to privately produced economic reports because the government shutdown, which began early on Wednesday, means the Bureau of Labor Statistics is not expected to publish its closely watched jobs figures on Friday.