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.
Yeah, we’ve hit bottom alright, have you seen the new administration. Flinging propaganda with one hand and grabbing power with the other. Moving towards Socialism with the economy collapsing into the Greatest Depression of them all is like foreclosing on a house while it is on fire. Smooth move Obama.
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Don”t worry Obama and Congress will save us. NOT!
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let’s see how CNBC spins this one..ey Robby? the green shoots are now a soggy and brown mush laying on the ground as worm food..everyone please pray for Robby N.’s speedy recovery as he is in quite a lot of pain from his oral surgery/tooth implants,a very painful uncomfortable ordeal…thanks..Dee
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White Collar Crime has played a large part in the economic collapse. We have seen evidence of this all along in the double standard for the rich while poor people are sent to prison or killed by police for petty robbery. How likely is it that Congress will pass new laws to punish these crooks, and then go forward and prosecute? This condition has led in part to the major damage to the country and the world. Bernie Madoff got off easy. In another country he would have been sentenced to death. But will the U.S. and its State Media let him Bernie serve as the decoy, the distraction, as did Sadaam Hussein in place of Bin Laden? Congress doesnt pass laws, nor does the White House prosecute their Bosses.
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