Big U.S. job loss to continue: Macroeconomic Advisers | Reuters

Big U.S. job loss to continue: Macroeconomic Advisers | Reuters

NEW YORK (Reuters) - The U.S. labor market will experience severe contraction and "serious job bleeding" for at least several more months, Joel Prakken, chairman of Macroeconomic Advisers, said on Wednesday.

Earlier, the ADP National Employment Report, which was jointly developed by Prakken's economic research firm and ADP Employer Services, showed U.S. private employers axed a staggering 742,000 jobs in March, nearly 100,000 more than what analysts had forecast.

Prakken said in a teleconference with reporters he expected "serious (job) bleeding" to be similar to that in March for the "next several months."

In response to a question, he said the U.S. unemployment rate will rise to 9.5 percent by mid-2010, above the 8.1 percent reported for February.

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Posted by Chuck Bell at 4:40 PM