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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Private Employers Axe 371,000 in July, But Pace Slows

Private employers shed 371,000 jobs in July, a higher number than was expected, but the pace of the cuts dropped to the slowest since October.

According to the monthly ADP Employer Services report released this morning, a poll of 26 economists expected the number to be closer to 345,000 jobs.

Still, the pace of the job cuts as viewed across the year slowed to the slowest since October, one month after Lehman Brothers collapsed and the financial crisis entered full meltdown.

The ADP report is a report from the private sector and not official government statistics for July. Those come out on Friday morning and will paint the new official U.S. unemployment figure.

It now stands officially at 9.5 percent, but the truer figure -- which includes people who have given up looking for work and others "marginally attached to the labor force," in the Labor Department's language -- stands at 16.5 percent.

-- Frank Ahrens

By Frank Ahrens  |  August 5, 2009; 9:22 AM ET
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Axe more government employees and expand the military. We always need more frogmen to eat what's bugging people. They can expand the Labor Dept. to write more reports telling us how many more jobs we lost last month. They'll need more people to keep pace with job loss data and you can learn by writing instead of reading. Don't read the newspaper to learn, learn by writing to Obama kids.

Posted by: Dermitt | August 5, 2009 12:11 PM | Report abuse

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