Make us your home page

Economy continued to shed jobs in July, but pace slows

The country's great job contraction is continuing, based on separate reports released Wednesday.

• The number of private sector jobs fell 371,000 in July, according to ADP's monthly national employment report. The reduction was across the board, with small businesses losing 138,000 jobs, medium businesses losing 159,000 jobs and large businesses down 74,000 jobs.

• After falling to a 15-month low in June, planned job cuts announced by U.S. employers jumped 31 percent in July to 97,373. The report by outplacement agency Challenger, Gray & Christmas marked the first increase in monthly job cuts since January.

There is a silver lining. The private sector cuts are well off the highs from earlier this year and many economists believe the worst of the job bloodletting is behind us. Nonetheless, most economists expect the unemployment rate — 9.5 percent nationally and 10.6 percent in Florida at last count — to continue rising. The national unemployment rate for July comes out Friday.

"While there are signs the economy is stabilizing and the pace of layoffs slowing, we are still a long way from a full recovery," Challenger Gray's CEO, John Challenger, said.

Economy continued to shed jobs in July, but pace slows 08/05/09 [Last modified: Wednesday, August 5, 2009 9:00pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. 'Road to Nowhere' is back: Next phase of Suncoast Parkway coming


    Despite intense public opposition and dubious traffic projections, the Florida Department of Transportation has announced that construction of the toll road known as "Suncoast 2" is expected to start in early 2018.

    The Suncoast Parkway ends at U.S. 98 just south of Citrus County. For years residents have opposed extending the toll road, a project dubbed the "Suncoast 2" into Citrus County. But state officials recently announced that the Suncoast 2 should start construction in early 2018. [Stephen J. Coddington  |  TIMES]
  2. A sports rout on Wall Street


    NEW YORK — Sporting goods retailers can't shake their losing streak.

  3. Grocery chain Aldi hosting hiring event in Brandon Aug. 24


    BRANDON — German grocery chain Aldi is holding a hiring event for its Brandon store Aug. 24. It is looking to fill store associate, shift manager and manager trainee positions.

  4. Lightning owner Jeff Vinik backs film company pursuing global blockbusters


    TAMPA — Jeff Vinik's latest investment might be coming to a theater near you.

    Jeff Vinik, Tampa Bay Lightning owner, invested in a new movie company looking to appeal to a global audience. | [Times file photo]
  5. Trigaux: Look to new Inc. 5000 rankings for Tampa Bay's future heavyweights


    There's a whole lotta fast-growing private companies here in Tampa Bay. Odds are good you have not heard of most of them.


    Kyle Taylor, CEO and founder of The Penny Hoarder, fills a glass for his employees this past Wednesday as the young St. Petersburg personal advice business celebrates its landing at No. 25 on the 2017 Inc. 5000 list of the fastest growing private companies in the country. Taylor, still in his 20s, wins kudos from executive editor Alexis Grant for keeping the firm's culture innovative. The business ranked No. 32 last year. [DIRK SHADD   |   Times]