In Depth Analysis: CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Wednesday, June 30, 2021

ADP: Private Employment increased 692,000 in June

by Calculated Risk on 6/30/2021 08:19:00 AM

From ADP:

Private sector employment increased by 692,000 jobs from May to June according to the June ADP® National Employment ReportTM. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. 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 recovery remains robust, with June closing out a strong second quarter of jobs growth,” said Nela Richardson, chief economist, ADP. “While payrolls are still nearly 7 million short of pre-COVID19 levels, job gains have totaled about 3 million since the beginning of 2021. Service providers, the hardest hit sector, continue to do the heavy lifting, with leisure and hospitality posting the strongest gain as businesses begin to reopen to full capacity across the country
emphasis added
This was above the consensus forecast of 600,000 for this report.

The BLS report will be released Friday, and the consensus is for 675 thousand non-farm payroll jobs added in June. The ADP report has not been very useful in predicting the BLS report.