US private sector sheds fewer jobs
The US private sector shed the smallest number of jobs in two years in February, a payrolls firm said Wednesday in a report signaling a healing labor sector as the economy recovers from recession.
Non-farm private payrolls fell 20,000 in February on a seasonally adjusted basis, payrolls firm ADP said, matching the consensus forecast.
"The February employment decline was the smallest since employment began falling in February of 2008," the ADP National Employment Report said.
ADP revised sharply higher its January number of job losses to 60,000, from an initial estimate of 22,000.
The report came ahead of this week's highly anticipated monthly government labor report, a key indicator of economic momentum.
Though the economy posted growth in the second half of 2009, snapping a year of contraction, the troubled labor market poses a major challenge to a sustained recovery.
With unemployment hovering near double digits and job losses continuing, although decreasing, consumers have hunkered down in the face of job insecurity.
Most analysts expect the Labor Department will report Friday that the February unemployment rate ticked up to 9.8 percent from 9.7 percent in January, with nonfarm payroll losses unchanged at 20,000.
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