On Wednesday’s a broad mix of housing, labor and factory reports gave Wall Street little hope that the recession is nearing an end.
The ADP said private-sector employers cut 742,000 jobs in March, greater than the 706,000 revised cut in February. The reading was well ahead of Wall Street’s expected forecast of 655,000. The ADP National Employment is produced by Automatic Data Processing, in partnership with Macroeconomic Advisers.
According to the report, the labor market’s weakness was distributed across all major markets tracked by ADP, which shows that the recession is far pass the housing crisis that started it all.
“I don’t expect this to get better for several more months,” said Joel Prakken, chairman of Macroeconomic Advisers. “Even with the help of the stimulus, we’re not going to see a reduction of these declines until the middle of the year, and it won’t be until the end of the year when we see signs of employment stabilizing.”
Source: Frobes.com
