ADP Total private sector employment dropped –473,000 in June

• Private sector job cuts fell by –473,000 in June. 
• Expected loss exceeds the 400,000 drop forecast by economist.
• The new ADP report showed large businesses with 500 employees or more shed 91,000 jobs and medium-size businesses lost 205,000 jobs last month.
• Small businesses that employ fewer 50 workers cut 177,000 jobs in June.
• Service sector jobs dropped 223,000 in June, while factory employment dropped 146,000

"Job losses slowed temporarily in May as consumers benefited from income tax refunds, President Obama's tax credit, low interest rates, and low energy costs.  With the exception of the tax credit, all of those factors have disappeared or reversed." – Charles Biderman (Chief executive TrimTabs)

Source: WSJ, Reuters, Bloomberg & Barron's