Private-sector employers shed 23,000 jobs in March, surprising economists who expected job growth last month and raising doubts that Friday’s government report on March unemployment will be as positive as hoped.
There will undoubtedly be a fair amount of “whistling in the dark” with the Friday numbers. One of the most deceptive things is that reductions in unemployment claims are seen as an improvement. But that’s not true. If the economy loses jobs, then at some point the rate of loss will necessarily lessen, since some employees are regarded as “key” ande will be kept on no matter whether the employer is making money or not.