Report: U.S. Facing Loss of 1 Million More Jobs

Wednesday, July 1, 2009 9:34 AM

NEW YORK -- The United States may be in for another 800,000 to 1 million job losses this year and won't see a resumption of employment growth until 2010, Joel Prakken, chairman of Macroeconomic Advisers, said Wednesday.

Prakken, whose firm jointly developed the ADP Employer Services report on private sector jobs, said economic growth will resume at a modest pace in the second half of the year, coming in the 2-2.5 percent range after another fall in output during the second quarter.

Earlier on Wednesday, ADP released a report saying U.S. private employers cut 473,000 jobs in June, more than the 393,000 expected in a Reuters poll but down from the 485,000 private sector jobs lost in May.

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