Jobs: More Losses Likely in August

Action Economics expects a nonfarm payroll decline of 70,000 for the month, paced by weakness in manufacturing

The slow, steady erosion of the U.S. labor market in recent months looks set to continue in August. Action Economics expects the government's employment report for the month, scheduled for release Sept. 5, to adhere to the pattern of small but persistent average monthly declines of 66,000 in nonfarm payrolls thus far in 2008, as indicated by both our own estimate of a decline of 70,000 and economists' median forecast of a 73,000 decline.

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