Private Sector Loses 742,000 Jobs in March

ROSELAND, NJ-The private sector in the US last month lost 742,000 jobs, certainly a figure that doesn’t bode well for commercial real estate. The hardest-hit industry, according to the locally based ADP National Employment Report, was the service-providing sector, which lost 415,000 jobs.

The goods-producing sector lost 327,000 workers. Within those two sectors, 206,000 jobs in the manufacturing industry were lost, while 118,000 construction jobs were shed.

Medium businesses, with payrolls of 50 to 499 workers, had the largest cutbacks and lost 330,000 jobs. Small businesses, with one to 49 employees, let go of 284,000 in total, while large business employing more than 500 cut 128,000 workers.