In the month of March, the private sector cut 742,000 jobs according to a report released by Automatic Data Processing (ADP). The number is far worse than what economist had expected.
It was the largest single month job loss ever reported by the ADP since they started keeping these records nine years ago, reports Market Watch. The Labor Department is expected to release their numbers on Friday in their monthly report. The numbers should be similar because ADP conducts their survey during the same period as the government and use comparable methods.
Some areas that lost the most jobs were construction (118,000), manufacturing(206,000) and goods-producing (327,000). Small business (less than 50 employees) were were hit especially hard as they cut 284,000 jobs. Large business (more than 500 employees) cut 128,000 jobs. Medium sized business axed 330,000 jobs.
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This news comes following 706,000 jobs cut during February. That number was revised from the previously reported 697,000.