- Prior was +122K
Details:
- Goods +2K versus +8K last month
- Service +96K versus +114K last month
- Small business +53K vs +67K prior
- Medium businesses +29K vs +17K last month
- Large businesses +25K vs +40K last month
Wages:
- Wages for job stayers 4.4% vs 4.4% last month
- Wages for job changers 6.6% vs 6.5% last month
Job creation was uneven in June. Financial activities and information were among the gainers, while leisure and hospitality delivered a sixth month of weak hiring.
ADP Chief Economist says: “The pace of hiring is telling a story of both supply and demand. We know it’s taking people longer to find work, but there also are signs of labor supply constraints in certain industries. For now, the overall effect is a slowdown in job creation.”
The market reaction to the release was rather muted as we await the more important NFP report tomorrow.
For background, the ADP National Employment Report tracks monthly changes in US private-sector employment, drawn from aggregated and anonymized payroll data covering more than 26 million employees, produced by ADP Research with the Stanford Digital Economy Lab. It lands two days ahead of the BLS nonfarm payrolls print, though the two series correlate poorly and ADP is best read as its own signal rather than a payrolls preview.
This article was written by Giuseppe Dellamotta at investinglive.com.