Private-sector job loss declined less than expected in February as layoffs fell to their lowest level since 2006, according to an employment report from Automatic Data Processing Inc. (NYSE:ADP). The payroll giant reports that private-sector jobs declined in the U.S. by 20,000 in February. The number is far less than the expected 50,000 job less decline by economists in a Dow Jones Newswires survey.
Specifically, the latest ADP report found that small businesses with less than 50 employees suffered 18,000 lost jobs in February. Meanwhile, larger businesses with 500 employees or more cut 10,000 jobs, and medium-sized businesses added 8,000 workers in February.