Economic Report:

The private sector lost 693,000 jobs in December, much higher than the projected job losses of 500,000. The service sector was hit the hardest shedding 473,000 jobs and manufacturing saw a loss of 120,000. Medium-sized businesses, or those with between 50 and 499 workers, were also hit hard letting go of 321,000 employees. Small businesses also faired poorly losing 281,000 jobs.