ADP Employment Falls More than Expected

NEW YORK (TheStreet) -- A report on private-sector unemployment figures put out by the human-resources firm American Data Processing(ADP Quote) showed that the economy lost 298,000 jobs in August, -- a worse-than-expected reading, though also the softest decline since last September.

Analysts were expecting the ADP National Employment Report to show a decline of 50,000 during the month.

The less-than-excellent report appeared set to weigh on equities at least a bit Wednesday, with futures mixed before the bell and stocks trading relatively flat at the open.

ADP, a payroll and HR-services firm, indicated that small and medium-sized business took it on the chin in August. Businesses with fewer than 50 employees cut a total of 122,000 jobs in the month, while those with 50 to 499 on their payrolls lost a collective 116,000.

Employment at large businesses, or those with 500 or more workers, declined by 60,000, ADP said.

-- Written by Scott Eden in New York

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