A surprisingly weak private-sector ADP Employment report, released during an ongoing government shutdown, has intensified fears of a looming economic downturn. U.S. private payrolls unexpectedly shed 32,000 jobs in September, a stark reversal from consensus expectations of a 51,000 gain.

<p>A weak ADP Employment report revealed a loss of 32,000 private-sector jobs in September, primarily from small and medium businesses, raising recession concerns. Economist David Rosenberg noted that recession odds are not at 0%, contradicting market assumptions. The report may pressure the Federal Reserve to cut interest rates further. Job losses were most significant in the service sector, with leisure and hospitality losing 19,000 jobs. Despite the negative outlook, S&P 500 and Nasdaq ETFs saw slight gains in premarket trading.</p>

Recession Odds 'Not At 0%,' Says Economist As Small And Medium Businesses Drive Job Losses In ADP Report Amid BLS Shutdown