Jobs recovery: Wait till next year

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — The days of cataclysmic layoffs may be waning, but companies are still cutting every position they can spare. Employment at America’s small businesses, those with less than 50 employees, dropped by another 138,000 workers in July, according to estimates released Wednesday by payroll processor ADP (ADP, Fortune 500).

July’s report marks the 18th straight month of declining small business employment. The rate of decline has slowed, and economists see an end ahead, but workers are in for a few more months of turmoil before hiring picks up.

“The labor market, like the overall economy, shows signs of beginning to stabilize,” said Chris Varvares, president of Macroeconomic Advisers, ADP’s partner research firm. “Our expectation is that job losses will dwindle toward zero by year end.”