Employers Cut 742,000 In March

Private sector employers cut 742,000 positions in March, according to a report released this morning from ADP Employer Services, a major provider of payroll services, as the economy continued to sputter. According to the ADP National Employment Report, total employment in the U.S. dropped by 742,000, with losses totaling 284,000 jobs for small business with less than 49 employees, 330,000 of those to medium businesses with 50-499 employees, and 128,000 for large businesses with more than 499 employees. The data is based on from payroll data from ADP, which said the data was derived from nearly 24 million U.S. employees and 400,000 payrolls.