Goldman Sachs has increased its forecast for US job losses in November to 400,000, after reports indicating a dismal employment picture in the private sector.

The analysts at Goldman had previously forecast a decline of 350,000 jobs. The median estimate in a Reuters poll conducted on Friday was minus-320,000.

The Institute for Supply Management's non-manufacturing survey fell to a record low, as did its employment index, which fell more than ten points. The employment index was already at its lowest level ever.

The report also cited weakness in small and medium-sized firms, as potentially compounding the labor crisis.

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