An ugly March jobs report: 742,000 positions cut

Private sector layoffs continued at a thoroughly uncomfortable pace in March. In fact, the March ADP National Employment Report was downright ugly.

Non-farm, private employment decreased by 742,000 in March -- worse than expected, ADP announced Wednesday in its report (pdf). In February and January, the private sector shed 706,000 and 522,000 jobs, respectively. Economists surveyed by Bloomberg News had expected private employers to cut 663,000 jobs in March.