Friday, August 02, 2013

Jobs growth a weak 162K, but rate dips to 7.4%

[Updated at 8:39 a.m. ET.]

The U.S. created 162,000 jobs in July and the unemployment rate fell to 7.4%, the lowest level since December 2008, partly because more people dropped out of the labor force, the government said minutes ago. Job gains for June and May were also revised slightly lower, according to MarketWatch.

My original 7:34 a.m. post: Economists are predicting the U.S. economy added 180,000 jobs in July, with the unemployment rate falling a notch to 7.5% from 7.6%, when the Labor Department releases its crucial monthly employment report this morning, according to a survey by MarketWatch. Those data -- nonfarm payrolls and unemployment rate -- are both due at 8:30 ET.

The monthly report is a big driver on Wall Street. Gannett's stock closed yesterday at $26.15, up 39 cents, as the company unleashed a wave of more than 200 layoffs and other job cuts across its U.S. community newspaper division. Major stock markets open at 9:30 a.m. ET.

More layoffs are expected to be announced through at least Monday in the current round, according to my sources -- with the possibility of yet another round in the months ahead.

This spreadsheet estimates layoffs site-by-site. Please see if yours is represented, then post updated information in the comments section, below. Or write confidentially to jimhopkins[at]gmail[dot-com]; see Tipsters Anonymous Policy in the rail, upper right.

1 comment:

  1. 240,000 people dropped out of workforce.
    Big net loss of jobs.


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