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Thursday, July 06, 2023

ADP: Private Employment Increased 497,000 in June

by Calculated Risk on 7/06/2023 08:25:00 AM

From ADP: ADP National Employment Report: Private Sector Employment Increased by 497,000 Jobs in June; Annual Pay was Up 6.4%

Private sector employment increased by 497,000 jobs in June and annual pay was up 6.4 percent year-over-year, according to the June ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).
“Consumer-facing service industries had a strong June, aligning to push job creation higher than expected,” said Nela Richardson, chief economist, ADP. “But wage growth continues to ebb in these same industries, and hiring likely is cresting after a late-cycle surge.”
emphasis added
This was way above the consensus forecast of 236,000. The BLS report will be released Friday, and the consensus is for 200 thousand non-farm payroll jobs added in June.