Home > In Focus > Economy & Government News
Employers seem to be slowing their rate of layoffs, but not as quickly as some observers may have hoped.
In numbers released on Wednesday, ADP reported that 473,000 jobs were cut from U.S. payrolls in June.
However, Reuters reported that its own survey of economists had found that only about 393,000 private sector jobs would be cut.
"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. This definitely is not good news" Mark Bonhard of Dawson Wealth Management told the wire service.
Elsewhere, a separate report from Challenger, Gray & Christmas indicated that 74,393 jobs were lost last month to corporate layoffs, which is said to be 33 percent less than what was recorded in May. This is also the fifth straight month these figures have fallen, suggesting that despite disappointment in ADP's figures, the economy may still be positioning itself for a recovery.
A report by Bloomberg News notes that the latest figures from Challenger, Gray & Christmas represent a 9 percent drop from the numbers recorded in June 2008.
By Bill Laforme
Rate of job loss may be leveling off
Employers seem to be slowing their rate of layoffs, but not as quickly as some observers may have hoped. In numbers released on Wednesday, ADP reported that 473,000 jobs were cut from U.S. payrolls in June.
However, Reuters reported that its own survey of economists had found that only about 393,000 private sector jobs would be cut.
"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. This definitely is not good news" Mark Bonhard of Dawson Wealth Management told the wire service.
Elsewhere, a separate report from Challenger, Gray & Christmas indicated that 74,393 jobs were lost last month to corporate layoffs, which is said to be 33 percent less than what was recorded in May. This is also the fifth straight month these figures have fallen, suggesting that despite disappointment in ADP's figures, the economy may still be positioning itself for a recovery.
A report by Bloomberg News notes that the latest figures from Challenger, Gray & Christmas represent a 9 percent drop from the numbers recorded in June 2008.
By Bill Laforme
