Bad news on the doorstep

A line from Don McLean's American Pie referred to the age when people had to wait overnight to get their news. This FRESH from the wire - the Internet pipeline, that is.

ADP: Employment drops 473,000 in June

In April, May and June the average monthly drop in jobs was 492,000, ADP said. "It was the 29th straight month job numbers fell."

The Labor Department is scheduled to release a report Thursday expected to show the nation's unemployment rate edging closer to double digits. Wall Street economists predict the jobless rate will rise to 9.6 percent in June from 9.4 percent in May. That would mark a 26-year high.

The deepest job cuts of the recession came in January, when 741,000 jobs vanished, the most in any month since 1949.