US private employers shed 23,000 jobs in March, missing expectations for an increase in jobs although fewer than the adjusted 24,000 jobs lost in February, a report by a private employment service said Wednesday.
The February fall was originally reported at 20,000.
The median of estimates from 35 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers, was for a rise of 40,000 private-sector jobs last month.
Stock futures, around flat prior to the release of the ADP number, quickly turned negative on fears that a turnaround in the jobs market isn't as close as some analysts expected.
ADP's Joel Prakken told CNBC that projections for Friday's nonfarms job report Friday could still show a gain in employment, largely due to government hiring of Census workers and weather-related depression of hiring.
It's one of those "could go either way" things, but the reality is we need years of 150K-200K a month job growth to get this country back on track...maybe even a solid decade of that. And that's just to get back where we were in 2006.
No matter who's president in 2013 and 2017, they're going to have a long road.
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