For the 25th consecutive months, private-sector firms in the U.S. eliminated jobs. Reports from Automatic Data Processing released Wednesday morning indicated that 20,000 jobs were cut in the month of February. Despite the discouraging statistic, it is the fewest number of jobs lost since January of 2008 and certainly an improvement upon January 2010 when 60,000 jobs were cut.
The improvement is being looked at as a major indicator of hope for unemployment with some analysts estimating that by as early as March or April the private sector may actually add jobs. The first-quarter gross domestic product growth of 5.9 percent is factoring into this equation, though many economists are convinced the number was entirely due to many companies refilling stockpiles after allowing them to dwindle.
Also included in the ADP report, statistics indicating that 17,000 service jobs were added to the economy for the month while goods-production lost 37,000. Manufacturing gained 3,000 positions.
Today’s reports on February job losses will likely \show disparities from the government reports expected on Friday. As a result of weather conditions people who worked no hours for the week were considered employed, the same will not be the case on the Bureau of Labor reports.
About EQUITIES:
Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.
Sign up for a free one-year subscription
