WASHINGTON (MarketWatch)Private-sector payrolls increased by a tepid 114,000 in July, according to the ADP employment report released Wednesday.
Economists surveyed by MarketWatch were predicting the ADP figure would rise by 85,000 in July after a downwardly revised 145,000 gain in June.
The ADP report covers only private-sector employment, and not government jobs. On Friday, the Bureau of Labor Statistics will report the official jobs numbers for July, which will include both private-sector and public-sector workers.
Economists surveyed by MarketWatch are looking for a gain of 75,000 in total employment in July, with the unemployment rate remaining at 9.2%.
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Job cuts surge 60% to 16-month high
WASHINGTON (MarketWatch) -- The number of announced job cuts surged 60% to a 16-month high of 66,414 in July, according to the consultancy Challenger, Gray & Christmas. Merck & Co., Borders, Cisco Systems, Lockheed Martin and Boston Scientific accounted for 57% of the total, or 38,100 positions. "What may be most worrisome about the July surge is that the heaviest layoffs occurred in industries that, until now, have enjoyed relatively low job-cut levels, including pharmaceuticals, computer and retail," said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.
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