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Job Losses Probably Eased in July as U.S. Manufacturing, Housing Steadied Employers cut jobs in July at a slower pace and the factory slump eased, indicating the end of the worst U.S. recession since the Great Depression is getting closer, economists said before reports this week.

By Shobhana Chandra

Aug. 2 (Bloomberg) --

Payrolls Probably Declined at Slower Pace: U.S. Economy. Employers cut jobs in July at a slower pace and the factory slump eased, indicating the end of the worst U.S. recession since the Great Depression is getting closer, economists said before reports this week. Payrolls fell by 325,000 workers after dropping by 467,000 in June, according to the median on 56 estimates in a Bloomberg News survey ahead of an Aug. 7 Labor Department report. The jobless rate probably rose to a 26-year high of 9.6 percent.
The figures will be a reminder that, even as Obama administration stimulus efforts gain traction, hiring will take longer to pick up as companies such as Deere & Co. and US Airways Group Inc. continue to cut costs. Estimates that the jobless rate will exceed 10 percent by early 2010 signal consumer spending will lag behind an economic recovery.

Weekly Unemployment Claims Portend Disaster

MISH'S Global Economic Trend Analysis

The Department of Labor Weekly Unemployment Report is now so skewed by abnormalities, it is difficult to get a clear picture. First, let's take a look at the data.Seasonally Adjusted Data
In the week ending July 25, the advance figure for seasonally adjusted initial claims was 584,000, an increase of 25,000 from the previous week's revised figure of 559,000. The 4-week moving average was 559,000, a decrease of 8,250 from the previous week's revised average of 567,250.
The advance seasonally adjusted insured unemployment rate was 4.7 percent for the week ending July 18, unchanged from the prior week's unrevised rate of 4.7 percent.
The advance number for seasonally adjusted insured unemployment during the week ending July 18 was 6,197,000, a decrease of 54,000 from the preceding week's revised level of 6,251,000. The 4-week moving average was 6,416,250, a decrease of 131,750 from the preceding week's revised average of 6,548,000.