US firms' job cuts exceed 157,000

Companies in the US cut an estimated 157,000 jobs in October, more than forecast, a private report based on payroll data showed yesterday.

The drop followed a revised 26,000 decrease in September that was larger than previously estimated, ADP Employer Services said.

Firings have spread from automakers, financial and housing-related companies to retailers and other services as the economic slump deepened. A government report in two days may show the economy lost jobs in October for a 10th consecutive month, according to a Bloomberg News survey of economists.