U.S. companies cut 79,000 jobs in June, report says

Companies in the U.S. cut an estimated 79,000 jobs in June, a private survey based on payroll data showed. The decrease was larger than forecast and followed a revised gain of 25,000 for the prior month that was less than previously estimated, the report from ADP Employer Services showed. Last month’s drop was ADP’s largest since November 2002. The biggest housing recession in a quarter-century and record oil prices are prompting an increase in firings as companies brace for falling demand. The government on Thursday may report that total private and government payrolls fell in June for a sixth decline this year, according to the median forecast in a Bloomberg News survey. For the full story visit http://www.latimes.com/business/la-fi-econ3-2008jul03,0,3304200.story