US companies cut 742,000 jobs in March according to ADP, a payroll services company’s latest report on Wednesday. The figures are worse than analysts anticipated. These latest figures promise more bad news for the nation’s unemployment rate, which is expected to be released on Friday.

The latest ADP report unveils the worst figures since 2001, the year that they started keeping records. It is also the 15th straight month of job losses putting the total jobs lost at over 5 million. Analysts expect Friday’s unemployment rate figures to expose a 25 year-high of 8.5%.

The February ADP index was revised down by 9,000 to a loss of 706,000 compared with the 697,000 initially reported.

Automatic Data Processing Inc. provides payroll and human-resources services to about one in every six U.S. workers, serving more than 500,000 companies.

Have we reached bottom yet as far as job cuts are concerned?

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