MarketWatch: Private-sector cut 697,000 jobs in February, ADP says

[marmar]

Private-sector cut 697,000 jobs in February, ADP says
By Rex Nutting, MarketWatch


WASHINGTON (MarketWatch) -- The U.S. labor market worsened in February, as private-sector firms cut 697,000 jobs in February, the ADP employment index reported Wednesday.

The labor market is "still in miserable shape," wrote economists for Goldman Sachs.

Another report from Challenger Gray & Christmas showed layoff plans rose 158% compared with a year earlier. See full story.

The reports come two days before the Labor Department reports its estimate for nonfarm payrolls. Economists are looking for the worst job loss in nearly 60 years. See full story.

The drop in ADP index was the largest ever, dating back to 2001. January's loss was revised sharply lower to 614,000 from 522,000 reported a month ago.

The goods-producing sector shed 338,000 jobs, the 26th consecutive decline. Manufacturing lost 219,000, while construction lost 114,000.

The services sector lost 359,000 jobs. .........(more)

The complete piece is at: http://www.marketwatch.com/news/story/Private-sector-cut-record-697000/story.aspx?guid=%7BB931347A%2D7886%2D43A8%2DBE45%2DD962952AB3D2%7D

[Double T]

1. It ain't about stimulus or bailouts baby...............

it's about jobs, jobs and more jobs. Consumers are being consumed by the bush/cheney economic and psychological depression. So what does this bring the phony low balled government unemployment number to?

[DJ13]

2. ....and ADP is notorious for being a lot lower than the final tally

They are always 10% (or more) under the government number when it comes out.

[Liberal_in_LA]

3. Monthly unemployment numbers on Friday...

:scared:

[Genghis]

4. youtube video about those responsible for this mess

http://www.youtube.com/watch?v=EVWcK9aWhqs

You won't be disappointed.

Unless you're Rush Limbaugh.