Nonfarm private employment decreased 742,000 from February to March 2009 on a seasonally
adjusted basis, according to the ADP National Employment Report. The estimated change of
a decline of 706,000.
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.
The sharp employment declines among medium- and small-size businesses indicate that the recession continues to spread aggressively. [via ADP]
The latest DOL monthly report showed February unemployment rate hit a 25-year high of 8.1%, from 7.6% in January. Analysts expect the rate to grow to double digits.