Private sector unexpectedly loses 23,000 jobs in March
Private-sector employers unexpectedly shed 23,000 jobs in March, according to a measure of private-sector employment released this morning, reminding us of the very choppy nature of this recovery.
Forecasters expected private-sector employers to actually add about 40,000 jobs, which makes the job-loss number all the more disappointing. The stock markets experienced a futures sell-off in the moments immediately following the report, indicating a lower opening today.
The ADP employment report released this morning is typically seen as a preview for the federal government's monthly unemployment rate report, which is due out on Friday. The March official unemployment rate is 9.7 percent and forecasters expect the April number to come in unchanged.
But the ADP report does not include public-sector employees, and they will represent a big difference between the private and public sector reports this month because of an anomalous event: the 2010 Census. The federal government will hire more than 600,000 temporary workers this year to work the census, and economists say as many as 100,000 of them were hired in March, boosting the Friday number.
Economists expect the official unemployment rate to hover near 10 percent for at least the remainder of this year. Unemployment has historically remained high for months if not quarters following the end of each previous recession.
Follow me on Twitter at @theticker.
March 31, 2010; 9:17 AM ET
Categories: Data , The Ticker | Tags: ADP, census, unemployment
Save & Share: Previous: NHTSA hires underemployed NASA engineers to figure out Toyota problems
Next: Stocks down at opening following jobs data
Posted by: kypriotis | April 2, 2010 2:54 PM | Report abuse
The comments to this entry are closed.