June Job Growth Clocks In at 188,000, Beating Estimate
Job growth is up for June, according to an ADP National Employment report (link opens as PDF) released today. Nonfarm private employment increased by a seasonally adjusted 188,000 jobs for June, beating analysts' 165,000 consensus estimate and boosting numbers above May's revised 134,000.
Human capital management company ADP partners with Moody's Analytics to produce this monthly report based on ADP payroll data representing 416,000 U.S. clients employing nearly 24 million workers in the United States.
Source: Author, data from ADP
In terms of employment gains, smaller seems to be better. Small businesses (one to 49 workers) added 84,000 jobs in June, while medium (50 to 499 workers) and large (500-plus workers) businesses added on 55,000 and 49,000 jobs, respectively.
While the services sector made its largest improvements since February (+161,000), manufacturing's 27,000-job gain is a welcome change from last month's 6,000-job drop.
In the report, Moody's Analytics Chief Economist Mark Zandi commented on the public sector's role in private sector employment:
The job market continues to gracefully navigate through the strongly blowing fiscal headwinds. Health Care Reform does not appear to be significantly hampering job growth, at least not so far. Job gains are broad based across industries and businesses of all sizes.
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