Companies slashed 742,000 workers in March in a report by ADP Employer Services. February's reading was revised to 706,000 from previously estimated 697,000 job cuts.. These are the worst numbers since ADP started keeping records in 2001.
This was the 15th straight month of job losses, putting total losses at more than five million. Some analysts see more job cuts going forward for several months. To underscore the severity of the present situation, the ADP report was forecast to show only 665,000 jobs lost.
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