Private-sector Payrolls Drop Greater Than Forecast

U.S. labor market worsens again in March, as private-sector firms cut 742,000 jobs, signaling another negative employment report on Friday, according to the ADP employment index released Wednesday.
It was the largest job loss recorded by ADP in its nine-year history.
The report comes two days before the Labor Department reports its estimate for nonfarm payrolls.
“The pace of job destruction continues to accelerate, which is underscored by the weakness in this report,” wrote Ian Pollick, an economist for TD Securities. “The U.S. labor market is emphatically weak, and there is no April-fooling about that.”
In March, the goods-producing sector shed 327,000 jobs, the 27th consecutive decline. Manufacturing lost 206,000 jobs, while construction lost 118,000. Construction has now lost 1.1 million jobs since the peak more than two years ago.

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