US: Employment report disappoints

Job losses rose again in June following the surprisingly rapid deceleration in May. Seen over a three month average, the pace of job losses nevertheless remains well below the peak in the first months of the year. For private payrolls, weakness was most noticeable in the service producing sector, especially in business services. The decline in goods producing employment was virtually unchanged from May, and decelerated in the manufacturing sector. Growth in hourly earnings is decelerating, and