697,000 U.S Jobs Lost in One Month

~ At this rate there will be over 8 million job losses by the end of the year, a staggering number. How the market can rally after news like this is even more disturbing. I guess all those chumps who bought McMansions are going to have to finance those ARMs while on the dole. Oh, I forgot, they are getting bailed out so you will have to foot the bill.

U.S. private sector cuts 697,000 jobs in February

By Burton Frierson

NEW YORK (Reuters) - U.S. private sector job losses accelerated in February, according to a report by ADP EmployeServices that suggests hefty employment declines are on the way in the government's payrolls report due on Friday.

ADP said on Wednesday that private employers cut 697,000 jobs in February versus a revised 614,000 jobs lost in January. The January job cuts were originally reported at 522,000.It was the biggest job loss since the report's launch in 2001 and showed the misery of declining employment spreading broadly and evenly throughout the economy.

Read the rest here.