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US private sector sheds 473,000 more jobs in June

Reuters [1]
Wednesday, July 1, 2009

NEW YORK (Reuters) – U.S. private employers cut 473,000 jobs in June, more than expected but down from the 485,000 jobs lost in May, a report by a private employment service said on Wednesday.

The median of forecasts from 25 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for 393,000 private-sector jobs lost in June.



Though June’s job loss was the smallest since October 2008, the surprisingly large number of cuts deals a setback to those expecting the U.S. economy to recover soon.

“The data surprises me a little bit in that the consensus out there seems to be that business is improving and that the economy has hit bottom,” said Mark Bonhard, investment advisor at Dawson Wealth Management in Cleveland, Ohio.

Full story here. [1]