The ADP reported that 697,000 U.S. jobs were lost in February as the recession shows no signs of letting up. The number was once again larger than analyst expectations. Falling demand and frozen credit markets have contributed to the 4.2 million job losses over the past year, and economists predict there are even more to come. While the ADP report ignores government jobs (that is it only covers private sector employment), the Labor Department is expected to report payroll cuts in February as well. Downsizing announcements increased by 158% from February of last year, with layoffs affecting firms of all sizes and across a broad range of industries.
See "ADP Says U.S. Companies Reduced Payrolls by 697,000", Bob Willis, Bloomberg News, March 3, 2009