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Employers Cut Jobs By A Record 742,000 In March

April 1, 2009

The news will be awful tomorrow when the unemployment numbers are released to the public.

Private employers cut jobs by a record 742,000 in March versus a 706,000 revised cut in February that was originally reported at 697,000 jobs, said ADP, which has been carrying out the survey since 2001.

The big drop foreshadows a huge decline in the non-farm payroll reading in the government’s employment report that will be released on Friday, some analysts said.

“It’s a terrible number. It is almost a loss of three quarters of a million jobs which is possibly the highest we have seen so far over the length of this crisis,” said Matt Esteve, foreign exchange trader with Tempus Consulting in Washington.

2 Comments
  1. Thomas J Canton permalink
    April 2, 2009 10:58 AM

    More taxes on employers always expands the economy. Remember your basics from your Socialist Economics 101 class in school. Spread the wealth and don’t work hard to make more money because in the end Big Mama Government will either reward you for being a lazy ass or take more of your money for busting your ass….

  2. Patrick permalink
    April 1, 2009 10:39 PM

    And to solve the problem, Obama is going to raise the corporate tax rate along with capital gains.

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