The official report is out on Friday but the private report is not great news. It's not a surprise though nobody believes that only good news or mixed news is in the pipeline. Unfortunately in this case, the report is worse than expected.
Job losses in the U.S. private sector accelerated in March, more than economists' expectations, according to a report by ADP Employer Services Wednesday.The good news is that layoffs may be reaching their peak. Maybe.
Private employers cut jobs by a record 742,000 in March versus a 706,000 revised cut in February that was originally reported at 697,000 jobs, said ADP, which has been carrying out the survey since 2001.
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, some analysts said.
