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U.S. private sector cuts 79,000 jobs in June - ADP
NEW YORK - U.S. private-sector employers slashed 79,000 jobs in June, the largest drop since November 2002, according to a report by ADP Employer Services released on Wednesday that may spell bad news for the government's labor market report later this week.
In May, the private sector added 25,000 jobs, revised down from an originally reported 40,000 jobs, the report said.
The median of estimates from 31 economists surveyed by Reuters was for the ADP report to show a drop of 20,000 jobs in June.
Stock futures pared their gains after the weaker-than-expected report and the dollar extended its losses versus the euro EUR.
U.S. government bonds, which perform better during times of economic weakness, rose after the report as investors bet the weakness in the labor market meant the Federal Reserve was less likely to raise interest rates to fight inflation.
The news does not bode well for the government's more comprehensive employment report, which is due on Thursday and is usually one of the biggest events on the monthly data calendar.
"The June ADP report offered another weak reading for employment. It looks like we're still seeing job cuts as economic growth is very weak," said Gary Thayer, senior economist at Wachovia Securities in St. Louis, Missouri.
"It suggests that the June employment numbers will probably also be weak. It keeps the Fed on hold for a while."
The ADP report was jointly developed with Macroeconomic Advisers LLC.
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