The American private sector alone shed 473,000 jobs during the month of June despite projections of 395,000 jobs by most economists. It was fewer new job loss filings than the month of May, but obviously worse than economists predicted.

While the ADP report for June was not as dire as the initial headlines indicated when taking the May revision into account, “it isn’t good news,” said Briefing.com’s Patrick O’Hare.

“It is a sobering reminder that the labor market is weak and that there is a heightened risk of disappointment in the nonfarm payrolls number that will be reported Thursday,” he said.

The national unemployment rate is now over 9.4% and climbing, with even President Obama predicting double-digit unemployment by the end of the year. Thank God for that stimulus package, huh? Democrats warned us that without it we would’ve seen unemployment approaching 9%. And now, $800 billion later, we’re looking at 10%. Whew.