FINANCIAL TIMES: … Data from payrolls processor ADP showed the creation of just 139,000 private sector jobs in February, and there was a nasty surprise from the services industry, where employment activity plunged to its lowest level in nearly four years.
Most economists still think the weak data reflect an unusually cold and snowy winter, with strong growth set to resume in the spring, but as the soft patch enters its third month their jitters are growing…
The purchasing managers’ index for the services sector fell from 54 in January to 51.6 in February, where a reading of 50 separates expansion from contraction. But a sub-index on hiring activity fell from 56.4 to 47.5 – the first contraction in employment after 25 months of growth… (more)
