ADP Says U.S. Companies Reduced Payrolls in February

Companies in the U.S. unexpectedly lost workers in February, the first decline in almost five years, a private report based on payroll data showed today.

The decrease of 23,000 jobs followed a revised gain of 119,000 the prior month that was less than previously estimated, according to the figures from ADP Employer Services.

The deepest housing recession in a quarter century and tighter credit for companies and consumers are slowing growth and costing jobs. The report may cause some economists to lower forecasts for the government's payroll data due March 7.

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- Posted: 2008-03-05 10:13:35

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