I’m giving this news a little early. I need to write a blog post for this site now, instead of waiting. The data on the job numbers will be released in about an hour after I posted this. I might come back and update the numbers. That’s a big might. I think everyone is expecting this. Equity futures have taken a tumble, but the US dollar took a jump too, which is definitely a good sign for us forex traders. Gotta watch that dollar. There’s much to profit from with it. Sit in front of the tv and wait for those payroll numbers. If they’re worse than expected, BUY BUY BUY the US dollar.

July 2 (Bloomberg) — Employers in the U.S. probably cut an additional 365,000 jobs in June, a government report may show today, offering little evidence the Obama administration’s stimulus package is shoring up the labor market.

The payroll decline would follow a 345,000 drop in May, according to the median estimate of 79 economists in a Bloomberg News survey. The jobless rate likely climbed to 9.6 percent, the highest since 1983.

Unemployment is projected to keep rising for the rest of the year just as the income boost from the stimulus package fades, undermining prospects for a sustained rebound in household purchases, analysts said. As companies from General Motors Corp. to Kimberly-Clark Corp. cut costs, the lack of jobs will limit any recovery.

“It’s a tough labor market to be sure,” said Carl Riccadonna, a senior economist at Deutsche Bank Securities Inc. in New York. “It raises the risk of a potential double-dip in consumer spending. Rising unemployment makes it very sensitive politically.”

The Labor Department report is due at 8:30 a.m. in Washington. Economists’ forecasts for payroll declines ranged from 150,000 to 500,000. Job losses peaked at 741,000 in January, the most since 1949.

EDIT:::::

Job losses was 467,000. That’s over 100,000 more jobs than expected. Source