TechFlow news, November 18 — According to Jinshi Data, data released Tuesday by ADP Research showed that U.S. companies cut an average of about 2,500 jobs per week over the four weeks ending November 1, indicating that the labor market lost some momentum in late October. ADP's monthly employment report, issued on November 5, showed a gain of 42,000 jobs in the private sector, following two consecutive months of decline. The U.S. Bureau of Labor Statistics will release its September employment report on Thursday, with expectations for a rise of 55,000 in total U.S. employment compared to the prior month. Prior to ADP's weekly data release, several major companies, including Amazon and Target, had announced layoffs during the month. According to Challenger, Gray & Christmas, planned job cuts in October 2023 were the highest for any October in over two decades.
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