ADP Report: 697,000 jobs gone in February

| 4 March 2009 08:55

The widely followed ADP Employer Services jobs report shows that 697,000 jobs were lost last month, suggesting a very large unemployment number when the government data is released on Friday. I have indicated in the past that seasonal factors have artificially kept down jobless claims and I anticipate large surprises to the upside as these seasonal factors become apparent.

U.S. private sector job losses accelerated in February, according to a report by ADP Employer Services on Wednesday that came in worse than economists’ expectations.

ADP said private employers cut 697,000 jobs in February versus a revised 614,000 jobs lost in January. The January job cuts were originally reported at 522,000.

Economists had expected 610,000 private-sector job cuts in February, according to the median of 23 forecasts in a Reuters poll, which ranged widely from a drop of 730,000 to losses of 500,000.

Source
U.S. private sector cuts 697,000 jobs in February: report – Reuters

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

Related Posts
More About: , ,