The 473,000 drop in the ADP Employer Services gauge followed a revised reduction of 485,000 workers in May that was smaller than previously estimated.
Job losses may mount as the bankruptcies of General Motors Corp. and Chrysler LLC ripple through manufacturing. Increased firings threaten to further restrain consumer spending at a time when the world’s largest economy is showing signs of stabilizing.
“This is a weak number,” Joel Prakken, chairman of Macroeconomic Advisers LLC, said on a conference call with reporters. “It’s a pretty clear indication that, while we’re not shedding jobs as rapidly as the first part of the year, the labor market is still in a state of decline.”
Hey, but cap-and-tax is a "jobs bill" so we should be sitting pretty, right ??
UPDATE:
CNN sucks up again by headlining this news: "Job market shows some improvement". I think it is safe to say we would not have seen this headline during a Republican administration.
No comments:
Post a Comment