Mixed signals for the job market
NEW YORK (CNNMoney) — Payroll processing firm ADP reported a larger-than-expected increase in private-sector employment Wednesday, but a separate report showed planned layoffs rose sharply in February.
ADP said private employers added 217,000 jobs in February, compared with an upwardly revised increase of 189,000 jobs in January. Economists surveyed by Briefing.com had expected a gain of 165,000 jobs in the month.
But outplacement consulting firm Challenger, Gray & Christmas said that employers announced plans to cut 50,702 jobs in February, up 32% over January. That’s also 20% higher than the 42,090 planned layoffs announced in February 2010.
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