Private sector employment decreased by 473,000 last month, according to payroll figures from ADP, but the pace of job losses seems to be easing up compared to earlier in the year.
The ADP National Employment Report found that small businesses lost 177,000 jobs in June, while midsized businesses with between 50 and 499 employees lost 205,000 jobs.
Large businesses with more than 499 employees cut 91,000 jobs. Overall the good-producing sector subtracted 250,000 jobs, while the service sector slashed 223,000 jobs. Small businesses with less than 50 employees lost 90,000 jobs in the goods-producing sector and 87,000 jobs in the service-providing sector.
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“Monthly employment losses in April, May, and June averaged 492,000,” said Joel Prakken, chairman of Macroeconomic Advisers, which compiles the reports for ADP. “This is a notable improvement over the first three months of the year, when monthly losses averaged 691,000. Nevertheless, despite some recent indications that economic activity is stabilizing, employment, which usually trails overall economic activity, is likely to decline for at least several more months, although perhaps not as rapidly as during the last six months."
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