Wednesday, August 05, 2009

July Jobless Figures Continue Downhill Spiral

"Stimulus working as planned"

U.S. private employers shed 371,000 jobs in July, compared with a revised 463,000 drop in June, a report by a private employment service said on Wednesday.

The median of estimates from 26 economists polled by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for 345,000 private-sector jobs lost in July.

The ADP figure is a proxy for some analysts for the government's non-farm payroll reading.

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