April 4 - Summary of business headlines: Yahoo laying off 2,000 workers; ADP report shows more job growth; Services report shows slowdown in growth. Bobbi Rebell reports.
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Yahoo is laying off 2,000 workers - about 14% of its workforce- as part of an expected broad shakeup of the company. The move comes as Yahoo's revenue's decline and competition from rivals including Google and Facebook continues to put pressure on the company. In a statement Yahoo said it expects to save about $375 million a year when the cuts are over.
But other companies are adding jobs according to the most recent report from ADP. US businesses added 209- thousand jobs in March. The ADP National Employment report was slightly above economists expectations and a sign the recent improvement in the labor market is continuing. The monthly government jobs report comes out Friday.
But the pace of growth in the U.S. services sector slipped in March- after hitting its highest level in a year in February. The ISM Non Manufacturing report fell to 56- short of estimates of 57- but still above 50 which indicates expansion in the sector.
Bobbi Rebell, Reuters.
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