August 5, 2009

Job losses sharply lower

Non-farm job losses in June to July showed marked improvement with a drop of 371,000 jobs in the month, Automatic Data Processing Inc. said Wednesday.

ADP reported an average job loss of 498,000 in three months prior to Wednesday's report. In February to March, ADP reported 742,000 non-farm jobs were lost. In three months this year, ADP reported job losses above 600,000.

ADP said construction employment shrank by 64,000 positions June to July, contributing to a total of nearly 1.5 million lost in that sector since January 2007.

Financial services lost 26,000 jobs, the 20th consecutive loss.

Goods producing jobs also declined, losing 169,000 positions, 99,000 of those in manufacturing, ADP said.