US private sector cut 371,000 jobs in July: ADP
The US private sector shed 371,000 jobs in July, sharply lower than the preceding month but more than expected amid the severe and long recession, a survey by payrolls firm ADP showed on Wednesday.Updated: Aug 05, 2009, 19:32 IST
The US private sector shed 371,000 jobs in July, sharply lower than the preceding month but more than expected amid the severe and long recession, a survey by payrolls firm ADP showed on Wednesday.
The number of private no farm jobs that vanished last month exceeded the 350,000 forecast by most analysts.
The ADP National Employment Report said a revised 463,000 jobs were shed in June, slashing 10,000 jobs from its initial estimate.
"Despite recent indications that overall economic activity is stabilizing, employment, which usually trails overall economic activity, is likely to decline for at least several more months, albeit at a diminishing rate," ADP said.
The report provides a snapshot on the ailing US labor market in the world's biggest economy, reeling from the worst recession since the Great Depression, ahead of the government's official monthly data, which covers the public and private sectors.
The Labor Department is to publish July jobs data Friday. Most analysts expect the unemployment rate climbed to 9.6 percent from 9.5 percent in June, a 26-year high, amid a painful recession that began in December 2007.