Wednesday, August 01, 2018

ADP: Private Employment increased 219,000 in July

by Bill McBride on 8/01/2018 08:17:00 AM

From ADP:

Private sector employment increased by 219,000 jobs from June to July according to the July 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.
...
“The labor market is on a roll with no signs of a slowdown in sight,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Nearly every industry posted strong gains and small business hiring picked up.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is booming, impacted by the deficit-financed tax cuts and increases in government spending. Tariffs have yet to materially impact jobs, but the multinational companies shed jobs last month, signaling the threat.”
This was above the consensus forecast for 172,000 private sector jobs added in the ADP report. 

The BLS report for June will be released Friday, and the consensus is for 188,000 non-farm payroll jobs added in July.