Wednesday, August 5, 2009

Workers Continue To Lose Jobs: ADP Report

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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