Wednesday, August 5, 2009

Private sector employment dropped by 371,000

"Private-sector employment in the United States fell by an estimated 371,000 jobs in the July ADP employment index, the smallest decline since October. The goods producing sector lost 169,000 jobs, while the service sector lost 202,000, according to ADP. On Friday, the government will report on its estimate for nonfarm payrolls, with economists surveyed by MarketWatch looking for a loss of 275,000 jobs, which would be the fewest since August. For June, private-sector jobs fell by a revised 463,000"

This report is more then expected. There might be another round of private sector layoffs coming, as companies continue to try to optimize their margins.

No comments:

Post a Comment

RSS Feed