Stocks Fall on Weaker-Than-Expected ADP Employment Report: Down 742K, vs. Consensus of Down 663K
The ADP Employment Report today showed that the US is continuing to lose jobs in the private sector at an extremely rapid pace. During the month of March, private sector jobs fell by 742,000, substantially worse than the Wall Street consensus of down 663,000. This compares to February's revised number of down 706,000 jobs.
The employment report is derived from actual payroll data and measures the change in total nonfarm private employment each month.
Joel Prakken, Chairman of Macroeconomic Advisers, LLC, said, "Despite some recent indications that stock prices, consumer spending, and housing activity may be bottoming out, employment, which usually trails overall economic activity, is likely to remain very weak for at least several more months."
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