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ADP report says 79,000 jobs lost

July 02 2008

The U.S. lost 79,000 private-sector nonfarm jobs in June, on a seasonally adjusted basis, according to the national employment report released today by Automatic Data Processing Inc. (NYSE: ADP). In addition, the report revised its count of jobs gained in May to 25,000, down from the original count of 40,000.

According to the report, June's decline was broad-based across industrial sectors.

Employment in the service sector fell by 3,000, the first such decrease since November 2002. Employment in the goods-producing sector decreased by 76,000.

Employment also declined in two areas hit by the subprime mortgage meltdown -- construction and financial activities. Construction employment fell by 34,000 month-over-month while employment in financial activities slipped by 3,000.

The report is based on data from ADP derived from an anonymous subset of roughly 500,000 U.S. business clients.

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