ADP Says U.S. Companies Decreased Payrolls by 371,000
Wednesday, 05 August 2009
Companies in the U.S. cut fewer jobs in July as the worst recession since the Great Depression eased, a private report based on payroll data showed today.
The estimated 371,000 drop, higher than economists forecast, followed a revised 463,000 drop the prior month, figures from ADP Employer Services showed today.
Stabilization in housing and manufacturing and help from the federal stimulus effort will usher economic growth this quarter, economists say. Consumer spending, which accounts for 70 percent of the economy, may be slow to gain speed as home prices fall, wages stagnate and unemployment climbs. (more…)