Interest Rate Roundup

Wednesday, March 05, 2008

ADP: 23,000 jobs lost in February

ADP Employer Services releases its take on the national jobs market a few days before the government's version hits the tape. The latest numbers for February (PDF link) were just released this morning. They showed:

* The economy shed 23,000 jobs in February. That was below the forecast for a gain of 18,000 jobs and the worst reading since April 2003 (-40,000). January's gain was revised down to +119,000 from +130,000.

* The goods-producing sector shed a hefty 70,000 jobs after losing 13,000 jobs in January. Growth in the service sector of the economy slowed to +47,000 from +132,000 a month earlier.

* The official tally for February is expected to come in at +25,000 on Friday. These figures could lead to downward revisions.

On the flip side, the ISM non-manufacturing (service sector) report was better than expected. It registered 49.3 in February, up from 44.6 in January and above forecasts for a reading of 47.3. The new orders subindex popped to 49.6 from 43.5, while the subindex measuring employment climbed to 46.9 from 43.9.


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