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Wednesday, April 01, 2009

ADP: Private Sector Loses 742,000 Jobs

by Calculated Risk on 4/01/2009 09:06:00 AM

I don't have much confidence in the ADP report in predicting the BLS employment number, but this is pretty ugly ...

From ADP:

Nonfarm private employment decreased 742,000 from February to March 2009 on a seasonally adjusted basis, according to the ADP National Employment Report®.
March’s ADP Report estimates nonfarm private employment in the service-providing sector fell by 415,000. Employment in the goods-producing sector declined 327,000, the twenty-seventh consecutive monthly decline. Employment in the manufacturing sector declined 206,000, its thirty-seventh consecutive decline.
In March, construction employment dropped 118,000. This was its twenty-sixth consecutive monthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,135,000.