The economy lost 742,000 private sector non-farm jobs in March, according to the ADP National Employment Report prepared by Macroeconomic Advisers, LLC.
The ADP report also took another 9,000 jobs out of its February report, bringing job losses for that month up to 706,000.
The service sector led the losses with 415,000 jobs lost; the goods-producing sector lost 327,000, its twenty-seventh consecutive monthly decline. Manufacturing declined 206,000, its thirty-seventh consecutive decline.
The job losses were skewed toward medium and small businesses, which lost 284,000 and 330,000 jobs respectively. Large businesses, defined as those with 500 or more workers, dropped 128,000 jobs. "The sharp employment declines among medium- and small-size businesses indicate that the recession continues to spread aggressively beyond manufacturing and housing-related activities to almost every area of the economy," the report stated
Construction employment lost another 118,000 jobs, its twenty-sixth consecutive monthly decline, brining total job loss since peak in January2007 to 1,135,000.