NEW YORK (Reuters) - Job losses in the U.S. private sector accelerated in March, more than economists' expectations, according to a report by ADP Employer Services on Wednesday.
Private employers cut jobs by a record 742,000 in March versus a 706,000 revised cut in February that was originally reported at 697,000 jobs, said ADP, which has been carrying out the survey since 2001.
The big drop foreshadows a huge decline in the non-farm payroll reading in the government's employment report that will be released on Friday, some analysts said.
"It's a terrible number. It is almost a loss of three quarters of a million jobs which is possibly the highest we have seen so far over the length of this crisis," said Matt Esteve, foreign exchange trader with Tempus Consulting in Washington.
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Wait til Friday when the GOV jobs lost are added to it, this will go up big time.
ReplyDeleteWe don't need no stinkin Stimulus Plan!
ReplyDeletethis stimulus plan will save or create 2 - 4 millions jobs (depending on the speech)........ is anyone as confused by that as i am?
ReplyDelete"Job losses in the U.S. private sector accelerated in March,..."
ReplyDeleteBut yet, this blog is afraid to report on the bonuses offered to Worcester County government employees.