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Thursday, July 07, 2011

ADP: Private Employment increased by 157,000 in June

by Calculated Risk on 7/07/2011 08:15:00 AM

ADP reports:

Employment in the U.S. nonfarm private business sector rose 157,000 from May to June on a seasonally adjusted basis, according to the latest ADP National Employment Report® released today. The estimated advance in employment from April to May was revised down, but only slightly, to 36,000 from the initially reported 38,000.
Today’s ADP National Employment Report estimates employment in the service-providing sector rose by 130,000 in June, nearly three times faster than in May, marking 18 consecutive months of employment gains. Employment in the goods-producing sector rose 27,000 in June, more than reversing the decline of 10,000 in May. Manufacturing employment rose 24,000 in June, which has seen growth in seven of the past eight months.
Note: ADP is private nonfarm employment only (no government jobs).

This was well above the consensus forecast of an increase of 70,000 private sector jobs in June. The BLS reports on Friday, and the consensus is for an increase of 110,000 payroll jobs in June, on a seasonally adjusted (SA) basis.

As I mentioned last night, the ISM employment indexes suggest that the consensus for June is a little low - and this ADP report also suggests that the BLS report might be above consensus on Friday.

Last night ...
Reis: Apartment Vacancy Rate falls to 6% in Q2