The ADP Employer Services report showed U.S. employers shed 20,000 jobs in February, an improvement from the 60,000 jobs lost in January. The report also showed that planned job cuts fell to their lowest level in four years. A separate report by outplacement consulting company Challenger, Gray & Christmas also showed expected layoffs fell sharply in February.
The Institute for Supply Management issues its non-manufacturing index at 10:00 am ET, with the measure expected to come in at 50.5, identical to the previous reading. A reading above 50 indicates expansion. At 2:00 pm ET, the Fed will release its Beige Book, the region-by-region assessment of the nation’s economy.
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