ADP Reports Private Employers Cut 742,000 Jobs in March
 Reuters reports that a report released by ADP Employer Services says 742,000 jobs were cut by private employers in March. The February number was also revised to 706,000 job cuts - up slight from 697,000.
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
This is a very large number job cuts. We will find out Friday if the government's number are similar.
Tags: job-cuts
| adp
| job-losses
Posted on April 1, 2009
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