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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on March 04, 2009, 07:23:09 AM

Title: Private-sector payrolls lose 697,000 jobs
Post by: Bindare_Dundat on March 04, 2009, 07:23:09 AM

ADP shows far more cuts than expected. Outplacement firm says job cut announcement ease from 7-year high.

The private sector lost nearly 700,000 jobs in February, according to a report from payroll-processing company Automatic Data Processing released Wednesday, but a separate report showed that employers announced fewer job cuts last month.

The ADP report, which is calculated on payroll data, said the private sector eliminated 697,000 jobs on a seasonally adjusted basis in February. That's an increase of 175,000 job cuts, or 25%, from the 522,000 job cuts reported in January.

Economists were expecting a loss of 630,000 private sector jobs, according to a survey conducted by Briefing.com.

"We probably still have a few million jobs to lose here by the end of the year," said ADP spokesman Joel Prakken in a conference call with reporters.

Title: Re: Private-sector payrolls lose 697,000 jobs
Post by: Bindare_Dundat on March 04, 2009, 08:05:55 AM

The unemployment rate is expected to rise to 7.9% from 7.6%.