by Bill McBride on 7/02/2014 08:27:00 AM
Wednesday, July 02, 2014
Private sector employment increased by 281,000 jobs from May to June according to the June ADP National Employment Report®. ... The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.This was above the consensus forecast for 210,000 private sector jobs added in the ADP report.
Mark Zandi, chief economist of Moody’s Analytics, said, "The job market is steadily improving. Job gains are broad based across all industries and company sizes. Judging from the job market, the economic recovery remains fully intact and is gaining momentum.”
Note: ADP hasn't been very useful in directly predicting the BLS report on a monthly basis, but it might provide a hint. The BLS report for June will be released on Thursday (since Friday is a holiday).
Posted by Bill McBride on 7/02/2014 08:27:00 AM