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Report says U.S. lost 23,000 jobs

March 05 2008

The U.S. lost 23,000 private-sector jobs in February on a seasonally adjusted basis, according to the national employment report released today by Automatic Data Processing Inc. (NYSE: ADP). The report also revised the number of jobs added in January down 11,000 to 119,000.

Employment in the service sector added 47,000 jobs in February but that was offset by loss of 70,000 in the goods-producing sector, according to the report.

Two sectors hit by the housing crunch, construction and financial activities related to home sales, were among those posting job losses in February, the report said. Construction lost 30,000 jobs while employment in financial activities fell by 5,000.

The ADP report is based on data from ADP derived from an anonymous subset of roughly 500,000 U.S. business clients.

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