Economy lost 742,000 jobs in March: America, this is what you voted for.
In a sign the recession is spreading unemployment woes, private sector employers cut 742,000 jobs from payrolls in March, according to ADP’s national employment report released Wednesday.
The decline was nearly 80,000 more than the average analyst forecast of 663,000 job losses and the largest monthly payroll decline since ADP began tracking it in January 2001.
ADP also revised upward its February job loss figure to 706,000 from a previously reported 697,000.
The report heightens concern about the Labor Department’s March employment report which is due out Friday. Analysts forecast that the government will say the economy lost 660,000 jobs in March and the unemployment rate rose to 8.5 percent, but the worse-than-expected news from ADP has stirred worry of expectations being overly optimistic.
Large employer layoffs usually get the biggest headlines but they accounted for the smallest number of job losses in March. ADP said firms with 500 or more employees reduced payrolls by 128,000, while medium-sized businesses with payrolls between 50 and 499 employees eliminated 330,000 jobs and small businesses with less than 50 employees cut 284,000 jobs.
Where the cuts are coming is a concern to Joel Prakken, chairman of Macroeconomic Advisors LLC which conducts the survey for ADP.
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Yes but the press only keeps telling us how the banks are making money now.
As the people sink under the surface of the water.
Kyle