Job losses hit 579K in May

The United States shed an estimated 579,000 jobs in May, according to research released today by TrimTabs Investment Research. There have been 3.3 million job losses this year, according to the report. Moreover, job losses will continue to mount as the nation is expected to lose an average of 500,000 to 600,000 jobs each month for the next few months, the Sausalito, Calif.-based firm concluded. TrimTabs’ jobs estimates are based on an analysis of daily income tax deposits to the Department of the Treasury from all salaried U.S. employees. “Withheld taxes of all U.S. workers fell 4.9% year-over-year in May, down from 4.7% year-over-year in April,” Charles Biderman, TrimTabs’ chief executive, said in a statement. “Weekly unemployment claims have been above 600,000 for four consecutive months, and continuing claims hit a record 6.8 million, the highest level on record.”