Down 742,000 - forget the "Smiley Faces"

A quick summary of the ADP report. This from Mish's Global Economic Trend Analysis.

Please follow the link to get all the info. It also has a direct link to the full ADP report.



ADP Reports March Nonfarm Private Employment Decreased 742,000

Nonfarm Private Employment Decreased 742,000 according to the March ADP National Employment Report®.

Nonfarm private employment decreased 742,000 from February to March 2009 on a seasonally adjusted basis, according to the ADP National Employment Report®. The estimated change of employment from January to February was revised down by 9,000, from a decline of 697,000 to a decline of 706,000.



Highlights

* Total Nonfarm employment fell by 742,000
* Service sector employment fell by 415,000.
* Employment in the goods-producing sector declined 327,000, the twenty-seventh consecutive monthly decline.
* Employment in the manufacturing sector declined 206,000, its thirty-seventh consecutive decline.
* Construction employment dropped 118,000. This was its twenty-sixth consecutivemonthly decline, and brings the total decline in construction jobs since the peak in January 2007 to 1,135,000.


Sharply falling employment at medium and small-size businesses clearly indicates that the recession is spreading aggressively beyond manufacturing and housing related activities