A survey of private employment in the U.S. showed another 697,000 jobs were lost in February.
The private employment survey figure suggests that forecasts for 650,000 job losses in Friday's official statistics may be a fair estimate.
Economists had been expecting a 630,000 decline in employment in the month. The previous month's print was revised to -614k from a previous reading of -522k.
The services sector led the way with a total loss of 359,000 jobs, following a loss of 279,000 positions in January. The goods producing sector shed 338,000 jobs - marking the 26th straight month of decline, while manufacturing lost 219,000, marking three full years of decline in the sector.
Large businesses (with 500 or more employees), lost 121,000 workers, while medium-sized businesses employing 50 to 499 people shed 314,000 jobs. Employment among small-size businesses, defined as those with fewer than 50 workers, declined 262,000.
This is the third month ADP has been using a new methodology, which is intended to provide a more accurate picture of the labour market.
By Stephen Huebl
©CEP News Ltd. 2009