Wednesday, March 31, 2010

ADP : 23,000 private-sector jobs were shed in the U.S. in March. Expectations were for a gain of 50,000

Hope springs eternal as do the "Green Shoots"
Following the data, Dow Jones Industrial Average futures dropped 29 points, while Standard & Poor's 500-share futures fell 4 and Nasdaq Composite futures lost 5. Prior to the report, Dow futures were down 2, while S&P futures edged down less than one point and Nasdaq futures slipped 4. Changes in futures don't always accurately predict early market moves after the opening bell.

In March, the U.S. private sector lost 23,000 jobs, according to an estimate from payroll giant Automatic Data Processing. Economists surveyed by Dow Jones Newswires had expected to see private payrolls increase by 50,000. In February, private-sector employment decreased by only 20,000. Many investors had been hoping to see positive numbers on Wednesday, two days ahead of the government's key non-farm payroll report.

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