U.S. private employers slashed 79,000 jobs in June while planned layoffs at U.S. firms rose nearly 50 percent above year-ago levels, according to data that may spell bad news for a government payrolls report this week.
Wednesday's data brought some brighter news as well, however, with a boost in demand for aircraft lifting new orders at U.S. factories by an unexpectedly large 0.6 percent in May.
Also, U.S. mortgage applications rose last week with help from lower home loan rates, though the bounce follows a 6-1/2-year low the prior week.
Late payments on U.S. home equity lines of credit, however, rose to a 21-year high in the first quarter, given continued housing market stress and weakness in the economy, the American Bankers Association said.
On the labor front, private-sector employers' decisions to cut 79,000 jobs in June made for the largest decline since November 2002, according to a report by ADP Employer Services. Complete Story.......
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