Second-quarter U.S. GDP was a little better than earlier reported in its final revision issued moments ago, the Commerce Department said.
GDP was down 0.7 percent for the quarter, Commerce said, beating the earlier estimate of a 1 percent drop. This is not-bad news on the economy; we'll see how the markets react to this news when they open this morning.
Also this morning, private employment agency ADP said earlier this morning that 254,000 jobs were shed in the private sector from August to September -- the fewest number of jobs cut since July 2008, though the number was higher than expectations.
The ADP number is a widely watched predictor of the Labor Department's monthly jobs report, which is due out Friday, and is expected to increase from 9.7 percent to 9.8 percent.
Again, small businesses were hit the hardest by this recession. ADP said that employers with fewer than 50 employees shed 100,000 jobs, while businesses with 50 to 499 employees lost 93,000 employees. Businesses larger than that shed 61,000 jobs.
Employment in the service sector dropped 103,000 jobs in September. The manufacturing sector shed 74,000 jobs. The ADP numbers reported the 32nd straight month of job losses in the construction sector.
-- Frank Ahrens
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