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Wednesday, April 1, 2009

ADP Payroll Bloodbath

The WSJ reports:

Private-sector jobs in the U.S. fell a steep 742,000 in March, according to a national employment report published Wednesday by payroll giant Automatic Data processing Inc. and consultancy Macroeconomic Advisers.

That's much higher than the 656,000 loss forecast by economists in a Dow Jones newswires survey. The ADP survey tallies only private-sector jobs while the Bureau of Labor Statistics' nonfarm payroll data, to be released Friday, include government workers. Economists surveyed by Dow Jones Newswires expect that the BLS will report job losses totaling 673,000 for March.

Source: ADP