Morning Briefs - More Job Losses

U.S. private employers slashed 79,000 jobs in June, the largest drop since November 2002, according to a private report by ADP Employer Services released Wednesday.

Meanwhile, a separate private survey showed planned layoffs at U.S. companies fell 21 percent in June from May's 29-month high, but were 47 percent above June 2007, while second-quarter cuts were the highest since late 2005.

Planned job cuts at U.S. companies totaled 81,755, compared with 103,522 in May and 55,726 in June 2007, employment consulting firm Challenger, Gray & Christmas reported.

In other news, Starbucks is planning to cut up to 12,000 full- and part-time positions.

We have been saying housing is going to get worse due to the job market. If interest rates go higher, that would depress the already depressed housing market - if that is possible.

Delinquent Home-Equity Credit Lines Rise Most Since 1987.

Home-equity lines of credit at least 30 days past due rose 14 basis points to 1.1 percent of accounts for the quarter, the Washington-based group said today in a statement. Delinquent credit-card accounts increased 13 basis points to 4.51 percent, the highest level since 2006.

The housing ATM is finished. Now it is time to pay back.