Private-sector cut 697,000 jobs in February, ADP says

Private-sector cut 697,000 jobs in February, ADP says
WASHINGTON (MarketWatch) -- The U.S. labor market worsened in February, as private-sector firms cut 697,000 jobs in February, the ADP employment index reported Wednesday.
The labor market is "still in miserable shape," wrote economists for Goldman Sachs.
Another report from Challenger Gray & Christmas showed layoff plans rose 158% compared with a year earlier. See full story.
The reports come two days before the Labor Department reports its estimate for nonfarm payrolls. Economists are looking for the worst job loss in nearly 60 years. See full story.