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US private sector loses 697,000 jobs against forecast of 630,000

US private sector loses 697,000 jobs against forecast of 630,000

04 March 2009 16:18 (UTC +04:00)

Bakuâ€“ APA-Economics. The US private sector shed 697,000 jobs in February, more than expected, as employers slashed payrolls to cope with the shrinking economy, data from private firm ADP showed Wednesday.
The number far exceeded analysts’ consensus forecast of 630,000 jobs lost last month in the private sector, AFP reported.
ADP revised sharply higher its December job loss number to 614,000 from an initial estimate of 522,000 jobs.
Nearly half the job losses were in the services sector, which accounts for nearly 85 percent of nonfarm jobs in the world’s biggest economy. A total of 359,000 service jobs vanished.
The manufacturing sector dropped 338,000 jobs, according to ADP.

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