u.s. private sector cuts 697,000 jobs in febru

Reuters
U.S. private sector cuts 697,000 jobs in February
Wednesday March 4, 8:35 am ET

NEW YORK (Reuters) - U.S. private sector job losses accelerated in February, according to a report by ADP Employer Services on Wednesday that came in worse than economists' expectations.

ADP said 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.

Economists had expected 610,000 private-sector job cuts in February, according to the median of 23 forecasts in a Reuters poll, which ranged widely from a drop of 730,000 to losses of 500,000.

(Reporting by Burton Frierson; Editing by James Dalgleish)