March US employment data:
- Worst since Sept 2017
- Prior was +183K (revised to +179K)
- Estimates ranged from +95K to -450K
- Goods producing -9K
- Service providing -18K
- Small business -90K
- Report used data through March 12
The private payrolls survey from ADP showed 27,000 job losses. If anything, it highlights the flaws of the survey because far more than 27K jobs were lost in the month.
Friday's non-farm payrolls will also fail to capture the bulk of the drop because the survey week ends March 12, before the mass lockdowns began.
