742,000 private-sector jobs lost in March

[unixronin]

Payroll processor ADP says the private sector cut 742,000 jobs in March, the largest job loss it has recorded in its nine-year history.

In March, the goods-producing sector shed 327,000 jobs, the 27th consecutive decline. Manufacturing lost 206,000 jobs, while construction lost 118,000. Construction has now lost 1.1 million jobs since the peak more than two years ago.

The services sector lost a record 415,000 jobs in March.

ADP apparently projects its numbers from the 500,000 companies to whom it provides payroll and HR services.  Nevertheless, it seems their projections are pretty close to the mark; they projected 706,000 in February, and ended up revising that downwards to 697,000.  That’s only about a 1% correction.  But look what we’re saying here:  1.45 million private sector jobs lost in two months.  That’s about triple the rate for this time last year.  How long can this continue?

(Pointer via koyote)

Comments

[luxobscura.livejournal.com]

Oh good, so then we didn't lose 742,000 jobs in March. That was a daunting figure.

[ilcylic.livejournal.com]

*laughing*