Survey finds US job losses slowed in July

From the Financial Times:

US companies cut a worse-than-expected 371,000 jobs last month, but the haemorrhaging of jobs across the economy continues to slow.

The ADP National Employment Report, published with Macroeconomic Advisors, showed its smallest decline since October. Economists surveyed by Bloomberg expected, on average, a decrease of 350,000.


12 Responses to “Survey finds US job losses slowed in July”

  1. 1 Dave Crider August 5, 2009 at 9:35 AM

    Its hard to say what to make of this news, so basically they cut more jobs than expected but across the nation job cuts are slowing. With the recent news of consumer spending up and the auto industry starting turn around I was feeling things were getting better but now reading this… Where is the job growth that the stimulus was supposed to create. Once the economy does turn around and job growth starts to happen I am sure President Obama will take credit that finally his stimulus package is working.

  2. 2 Maricar De Los Reyes August 5, 2009 at 5:09 PM

    Yes. Where ARE the jobs the stimulus was supposed to create? California has been hit hard, more so than other states, by the recession. Its apparent everywhere. People with once stable jobs are now living off unemployment, and homes are foreclosing left and right. The fact that jobs lost overall nationally are less this month is nice to know, but that still doesn’t give us enough hope that the recession will end anytime soon.

  3. 3 James Dugger August 5, 2009 at 5:19 PM

    Average that amount another 3 months and we’ll have another million unemployed. At least it slowed. I always add that it does not include hours cut, how many hundred of thousands workers lost hours?

  4. 4 Joseph Garcia August 6, 2009 at 1:27 AM

    James, you’re right. I know of several people who have jobs, but the budget is so tight that no overtime is offered. Their hours along with the other workers have also been cut down, so they make less money in the increasingly difficult times now. Instead of working 5 days a week, my friend works 4 sometimes, which really adds up. I suppose all we can do now is wait it out and see if Obama’s stimulus works.

  5. 5 Kittygirl707 August 6, 2009 at 9:58 AM

    Hmmm, how to access the article without having to sign up for it???

  6. 6 Heather August 6, 2009 at 11:01 AM

    I agree with James’ point: job cuts are slowing yes, but this doesn’t describes hours cut which can be as detrimental as a job cut. Many minimum wage jobs are cutting hours for workers who are without insurance or benefits, and are barely earning anything to support themselves. Its not always beneficial for a company to just cut jobs, however cutting hours would allow them to get rid of full time benefits.

  7. 7 E. Speizer August 6, 2009 at 2:44 PM

    As others have said, jobs seem to be hiring, but offering much less hours. I was recently hired at a job, and for the first few weeks, everyone was getting a generous amount of hours, 20-40 per week, but once corporate realized that business was going to be slow, everyone’s hours got drastically cut, and I’m now lucky to be getting 8 hours per week. Many people have a job, but simply don’t get the hours they need to pay the bills.

  8. 8 Carolyne Abrams August 6, 2009 at 4:08 PM

    This is a great example of when the textbook discussed policies finally coming into play when it is too late. By the time all of these stimulus jobs will come into play, we will be already reducing unemployment rates.

  9. 9 Patrick Powers August 6, 2009 at 4:23 PM

    This is some good news, but if this is the highlight of one’s day, then we are in trouble. If we think that a month of less job firings is amazing and makes people really happy, then it just shows how sad and miserable our economy is making us feel. But yes, it is good that job cuts are smaller now, and hopefully stay that way for a good amount of time.

  10. 10 Hailey Cook August 6, 2009 at 8:25 PM

    I previously commented on a job slow blog, and although this one isn’t quite as “doomsday” I have to reinstate what I said earlier, there are going to be more job opportunities on the rise, people are getting tired of searching for the same old thing, in a time when everything around you is down, its a time to try NEW things, such as the new Kohls opening in Napa in October, that will be 100 more jobs for Napa County residents, thats 100 less jobless people than we had before, and that is 100 more peoples incomes that will be entering the economy, it may take patience but we have to have it, it’s the little things that count.

  11. 11 Evangelina Alvarez August 6, 2009 at 8:35 PM

    I liked James’s comment that it doesn’t include hours cut back, or pay etc. My friend is working at Marine World and they’ve scheduled him with 5 days off, and people with bills can’t afford that cut. I am looking for a job currently and am having trouble so I went back to my old place of employment. I am waiting to hear back from my recent interview but I know that in taking the job the conditions already stand that I will have less pay and less hours. So yes an increase in jobs is great, but more employees and less hours are almost the same thing unless you take into consideration pay. Cutting hours of a CEO, like we should be doing, and putting more hours into a minimum waged worker, I feel would make a difference in our economy.

  12. 12 angela December 17, 2009 at 12:39 PM

    I agree with the comments above that this survey doesn´t take in consideration the hours or work that have been cut. It is good to hear that less people are being lay off and employment is not increasing but the survey doesn´t accurately reflect the reality of a lot of employees receiving less money each pay check.

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