Private Payrolls Show Surprise Drop as Recovery Lags

Wednesday, 31 Mar 2010 08:32 AM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

U.S. private employers shed 23,000 jobs in March, missing expectations for an increase in jobs although fewer than the adjusted 24,000 jobs lost in February, a report by a private employment service said Wednesday.

The February fall was originally reported at 20,000.

The median of estimates from 35 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers, was for a rise of 40,000 private-sector jobs last month.

Stock futures, around flat prior to the release of the ADP number, quickly turned negative on fears that a turnaround in the jobs market isn't as close as some analysts expected.

ADP's Joel Prakken told CNBC that projections for Friday's nonfarms job report Friday could still show a gain in employment, largely due to government hiring of Census workers and weather-related depression of hiring.

But he also warned that private sector recovery would be slow.

"The economic recovery has not been long enough yet or sustained enough for us to start generating rapid growth in jobs. We're still a few months away from that," he said.

The ADP report is seen as an early indicator of the Labor Department's employment report due out Friday. However, there can be wide variations because ADP only accounts for private-sector jobs.

The disappointing report Wednesday comes on the final day of trading for the quarter.

© 2014 Thomson/Reuters. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Joe Scarborough: Cowering to Hackers 'Can't Be Our New Reality'

Friday, 19 Dec 2014 09:18 AM

The United States shouldn't "cower" and give into hackers threatening to attack theaters if they aired a movie that poke . . .

Review: 'Insular' Secret Service Needs Outsider as Leader

Friday, 19 Dec 2014 09:08 AM

The Secret Service is an insular agency that needs a new director hired from the outside, according to former governme . . .

Report: Hackers Stole Passwords to Access Sony's System

Thursday, 18 Dec 2014 19:41 PM

Sony's computer system was hacked by individuals who stole the computer passwords of a system administrator , giving the . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved