Economists were expecting Friday’s job report from the government to be good news. In fact, they predicted a gain of 40,000 to 50,000 jobs. But it looks like they will be disappointed:

The data from payroll processor Automatic Data Processing Inc. and consultancy Macroeconomic Advisers showed a loss of 23,000 jobs in the private sector, in contrast to the forecast of an increase of 50,000 jobs for March.

These numbers only include private sector jobs, whereas Friday’s non-farm payrolls report will include government workers — like the recent hiring of temporary census workers. In fact, the non-adjusted forecast (which include temporary government workers) were through the roof:

The ADP survey tallies only private-sector jobs, while the Bureau of Labor Statistics’ nonfarm payrolls data include government workers. The addition of workers for the 2010 census is expected to lift federal payrolls.

The median forecast for March nonfarm payrolls is for a gain of 200,000 following a loss of 36,000 in February. The unemployment rate is forecast to hold steady at 9.7%.

Ah, your tax dollars at work. Unfortunately, your tax dollars don’t seem to be improving the economy.

Tomorrow, another question looms. How will the Fed’s exit from the mortgage buying program affect mortgage prices and interest rates? Probably not much, but it would be best to keep a watch on things.

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