Job Losses Continue

Latest payroll data shows 371,000 jobs cut in July

Job losses continue in the U.S. economy. In the month of July, reports the latest ADP data, the U.S. economy shed 371,000 jobs. While this is still high in terms of job loss, it is still the smallest unemployment increase in nine months. Jobs are likely to continue to be lost for some months, reports CNN Money:

"Employment, which usually trails overall economic activity, is likely to decline for at least several more months, albeit at a diminishing rate," said Joel Prakken, an ADP spokesman and chairman of Macroeconomic Advisers, in a statement.

However, it is encouraging that the rate of job loss is slowing. This means that things might be improving in the economic picture.

The U.S. stock market isn’t seeing things that way, though. The Dow is down almost 100 points in early trading.