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To: Eagle who wrote (39681)	4/1/2009 11:53:59 AM
From: Bucky Katt	Respond to of 48461

Private-sector jobs in the U.S. fell a steep 742,000 in March, according to a national employment report published Wednesday by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers. That's much higher than the 656,000 loss forecast by economists in a Dow Jones Newswires survey. Separately, U.S. construction spending fell a fifth month in a row during February, but the drop was much smaller than expected, with surprising resilience in the commercial and public sectors. Meanwhile, the Institute for Supply Management's March manufacturing index rose a bit to 36.3 compared to 35.8 last month. The result was better than expected, but still indicates contraction in the industry. The ADP survey tallies only private-sector jobs while the Bureau of Labor Statistics' nonfarm payroll data, to be released Friday, include government workers. Economists surveyed by Dow Jones Newswires expect that the BLS will report job losses totaling 673,000 for March. online.wsj.com That is on top of the 651,000 nonfarm jobs lost in February and the 4.4 million lost since the recession began. "Despite some recent indications that stock prices, consumer spending, and housing activity may be bottoming out, employment, which usually trails overall economic activity, is likely to remain very weak for at least several more months," said Joel Prakken, chairman of Macroeconomic Advisers.