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ADP: 693,000 job losses in December

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Much worse than expected and even higher than the horrible November losses.

Private employers shed 693,000 jobs in December, up sharply from the revised 476,000 jobs lost in November and far more than economists estimated, separate reports showed Wednesday.

ADP released its forecast using new methodology that the firm said would more closely reflect the nation's economic picture. The company's numbers had been consistently missing the mark, underestimating job losses as calculated by the Bureau of Labor Statistics.

Another report, from outplacement company Challenger, Gray & Christmas, showed that planned layoffs at U.S. firms eased in December from the previous month's seven-year high but they were up an astounding 275 percent annually as the year-old recession cut a huge swathe of destruction through job market.

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