WKYT | Lexington, Kentucky | News

Fewer layoffs expected as recession winds down

WASHINGTON (AP) - Labor Department data due out today are expected to show job losses slowed last month.

The snapshot will likely put July's job losses at around 320,000, with unemployment rising to 9.6 percent. That would be up from 9.5 percent in June.

If the estimate is on target, it would show a heartening improvement from June - and the slowest pace for job losses since August 2008. But it still means nearly 15 million Americans are looking for jobs.

The expected slowdown in layoffs also won't keep the unemployment rate from rising for the 10th month in a row - and to the highest level in 26 years.

The labor market's good news/bad news picture suggests that employers are feeling more comfortable about slowing down firings, but still aren't ready to ramp up hirings.

Companies aren't expected to increase hiring until they're confident a recovery will have staying power.


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