U.S. job market remains grim, as private sector sheds 697,000 jobs

One would love to say the employment situation in the United States is starting to improve, but unfortunately it doesn't look like that occurred in February, if private payrolls are any indicator.

Non-farm private employment decreased by 697,000 in February -- worse than expected, ADP announced Wednesday in the ADP National Employment Report. In January, the private sector shed 522,000 jobs (pdf).