371,000 jobs were lost in July according to today's ADP Employment Report. June was revised to a loss of 463,000 jobs (previous estimate was -473,000). The goods producing sector continues to fare much worse than the services sector, losing 4 times as many jobs on a percentage basis.
= Since (and including) 12/2007: 6,543,000 jobs lost
= 18 consecutive months of job losses (average loss of 368,000)
= The economy now has the same number of jobs as it did in March, 2004
The BLS will release its report on Friday. My guess: loss of 355,000 jobs
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