-697,000 Expected on Friday

From Duncan Black:>Eschaton: **697K:** That’s the private estimate of the number of jobs the government will report were lost on Friday. There really is a growing disconnect between the world portrayed on the teevee and reality. For most people getting booted out of their homes and losing their jobs, or just being underemployed, is a far bigger deal than a crashing stock markBob Wills:>Bloomberg.com: Worldwide: March 4 (Bloomberg) — Companies cut 697,000 jobs in the U.S. in February as the recession’s grip tightened, offering no sign the pace of the decline in payrolls is easing. The drop in the ADP Employer Services gauge, a survey based on payroll data, was larger than economists forecast and followed a revised cut of 614,000 for the prior month.>Employers are cutting staff as demand plummets in the face of strained credit and battered housing and equity markets. The Labor Department may report in two days that employers cut payrolls in February for a 14th consecutive month, putting jobs losses in the current downturn at more than 4.2 million, according to a Bloomberg survey. “We doubt any of these numbers have hit bottom yet,” Ian Shepherdson, chief U.S. economist at High Frequency Economics Ltd. in Valhalla, New York, said in a note to clients. “Employment is tanking right across the economy.”>The ADP report was forecast to show a decline of 630,000, according to the median estimate of 26 economists in a Bloomberg News survey. Projections ranged from decreases of 500,000 to 770,000…

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