Private Sector Lost Nearly 700,000 Jobs

A new report indicates the U.S. private sector shed nearly 700,000 jobs in February.

According to the report compiled by ADP, construction jobs fell for the 25th-straight month. The manufacturing sector experienced its 36th-straight decline, the report said.

Small businesses (those with less than 50 workers) lost 262,000 jobs, while medium-sized companies cut payroll by 314,000 jobs.

"Sharply falling employment at medium- and small-size businesses clearly indicates that the recession is spreading aggressively beyond manufacturing and housing-related activities," the report notes.