US companies axe 371,000 jobs in July

[efoods]American businesses cut 371,000 jobs from their workforces in July in a further sign that recovery in the labour market remains far off despite positive signs in other areas of the economy.

The latest figures from Automatic Data Processing (ADP), the payroll services company, show that US companies cut fewer jobs in July than in any month since October 2008, but the data was higher than analysts expected.

Despite recent indications that overall economic activity is stabilising, ADP forecasts that employment, which usually trails overall recovery, is likely to decline for at least several more months, albeit at a diminishing rate.

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