Prior to the official unemployment report on Friday, ADP reports that the economy has lost a lower 371,000 jobs in July, although still worse than the 350,000 job losses expected by economists. It moved down from 463,000 revised figure reported in June. It caused downward pressure on stocks as they traded lower minutes after the markets opened.
More on this, via Bloomberg:
Employment in construction dropped by 64,000, while financial firms decreased jobs by 26,000, ADP said.
Companies employing more than 499 workers shrank their workforce by 74,000 jobs. Medium-sized businesses, with 50 to 499 employees, eliminated 159,000 jobs and small companies decreased payrolls by 138,000, ADP said.
Stabilization of both the housing and manufacturing sector contributed to the smaller job loss number.
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