U.S. Economy Bleeding More Jobs As Things Get Worse For Workers - 07/03/08

By Doug Cunningham

Seventy-nine thousand more private sector jobs vanished in June. Layoffs are 50 percent higher than a year ago. The June job loss was the biggest drop in jobs since November of 2002, according to ADP Employer Services. When the government’s comprehensive jobs report is released Thursday, some economists are expecting it to show an incredible drop of 200,000 in the overall jobs count. Offically, unemployment was at 5.5 percent in May. That's the highest in three and a half years. These numbers are a sign that for workers, the economy is continuing to get worse.