ADP data sounds the alarm, with American companies on average reducing approximately 2500 job positions per week.

According to data released by ADP Research on Tuesday, in the four weeks leading up to November 1st, American businesses on average reduced about 2,500 jobs per week. This indicates that the labor market lost some momentum in late October. The monthly employment report released by ADP on November 5th showed an increase of 42,000 jobs in the private sector, following two consecutive months of decline. Due to the recent historic government shutdown in the United States, the official employment data has been delayed, making ADP's snapshot of the labor market helpful in filling this gap. Although funding for the official statistical agencies has been restored, the timing of when the October economic data will be released remains uncertain. The U.S. Bureau of Labor Statistics is set to release the employment report for September on Thursday, with an expected increase of 55,000 in total U.S. employment from the previous month. Prior to the weekly data release from ADP, several large companies have already announced layoffs for the month, including Amazon.com, Inc. (AMZN.US) and Target Corporation (TGT.US). According to a report from Challenger, the planned layoffs in October of this year were the highest recorded for October in over 20 years. Another set of data released by the Department of Labor's website shows that for the week ending October 18th, the number of initial claims for unemployment insurance was 232,000, roughly in line with mid-September numbers. At the same time, concerns about job security among the American population are growing. A survey conducted from October 23rd to 25th showed that 55% of American workers are worried about becoming unemployed.