The widely followed ADP Employer Services jobs report shows that 697,000 jobs were lost last month, suggesting a very large unemployment number when the government data is released on Friday. I have indicated in the past that seasonal factors have artificially kept down jobless claims and I anticipate large surprises to the upside as these seasonal factors become apparent.
U.S. private sector job losses accelerated in February, according to a report by ADP Employer Services on Wednesday that came in worse than economists’ expectations.
ADP said private employers cut 697,000 jobs in February versus a revised 614,000 jobs lost in January. The January job cuts were originally reported at 522,000.
Economists had expected 610,000 private-sector job cuts in February, according to the median of 23 forecasts in a Reuters poll, which ranged widely from a drop of 730,000 to losses of 500,000.
Source
U.S. private sector cuts 697,000 jobs in February: report – Reuters