Processing .....please wait.. 
The article has been forwarded.... 
U.S. private employers cut 742,000 jobs in March
By siliconindia
|
Thursday, 02 April 2009, 15:58 IST |
18 Comments
New York: Downturn-ridden U.S. economy continues to fall further and the number of job losses is getting bigger every month. As per a report by ADP employer Services, private employers in the country have cut a record 742,000 jobs in March over 706,000 job-cuts in February.
According to the analysts, the big drop foreshadows a huge decline in the non-farm payroll reading in the government's employment report that will be released on Friday.
"It's a terrible number. It is almost a loss of three quarters of a million jobs which is possibly the highest we have seen so far over the length of this crisis," said Matt Esteve, foreign exchange trader with Tempus Consulting in Washington.
After the news of the huge job losses in March, U.S. stock futures and the dollar have fallen, while U.S. treasury bonds regained some of their lost ground.