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Thursday, July 06, 2017

ADP: Private Employment increased 158,000 in June

by Calculated Risk on 7/06/2017 08:20:00 AM

From ADP:

Private sector employment increased by 158,000 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.
“Despite a slight moderation in the month of June, the labor market remains strong,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “For the month of June, jobs were primarily created in the service-providing sector.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market continues to power forward. Abstracting from the monthly ups and downs, job growth remains a stalwart between 150,000 and 200,000. At this pace, which is double the rate of labor force growth, the tight labor market will continue getting tighter.”
This was below the consensus forecast for 178,000 private sector jobs added in the ADP report. 

The BLS report for June will be released Friday, and the consensus is for 170,000 non-farm payroll jobs added in June.