We just got another sign the job market may be slowing down

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The US private sector created far fewer jobs than expected in March, according to payroll processor ADP.

A worker walks between rolls of steel ahead of a tour by Republican presidential candidate and former Massachusetts Governor Mitt Romney of Gregory Industries during a campaign stop in Canton, Ohio March 5, 2012.Private employers added 129,000 payrolls last month, ADP said Wednesday, the slowest pace of job growth in 18 months.

The ADP National Employment Report showed on Wednesday that private employers added 129,000 payrolls last month, far below economist forecasts for an increase of 175,000 and the slowest pace in a year and a half. ADP's model incorporates prior official payroll data as well as information from firms which use its payroll processing services, so it's possible that noise and cold weather in February pulled last month's numbers down, said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

 

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