ADP just minutes ago released its U.S. job loss estimates for July – coming in at 371,000 further jobs lost last month.  The U.S. Government report on July job losses will be released on Friday morning.  July job losses are estimated to be less than the 473,000 U.S. jobs reported lost in June, but still well above any number that suggests job losses will not continue to be incurred in the next few months.  Certainly it does not appear to me that U.S. job recoveries are likely to be reported any time soon.  It will be interesting to see how the U.S. Stock Markets react to this news – I think they should drop, which likely means they will go up today on the ‘good news’ that U.S. job losses seem to be declining month over month and ‘surely there must be a ‘green shoot’ in there somewhere’.

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