ADP: Private Employment Jumps 281,000 for June
Nonfarm private employment jumped ahead by a seasonally adjusted 281,000 jobs in June, according to ADP's National Employment Report (link opens in PDF) released today.
After the employment figure edged up by an unimpressive 179,000 in May, analysts had expected an improvement in June. However, their payroll growth estimate of 213,000 proved much too conservative.
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 U.S.
Small (1-49 workers) and medium (50-499 workers) businesses carried June's jump, adding 117,000 and 115,000 jobs, respectively. Despite their size, large businesses (500+ workers) increased their ranks by just 49,000 jobs.
Splitting statistics by sectors, the services sector took the payroll cake (+230,000), compared to just 51,000 new jobs for goods-producing companies.
Moody's Analytics Chief Economist Mark Zandi said in the report that June's jump is another positive for the labor market recovery:
The job market is steadily improving. Job gains are broad based across all industries and company sizes. Judging from the job market, the economic recovery remains fully intact and is gaining momentum.
ADP President and CEO Carlos Rodriguez made special mention of construction jobs, which increased to their highest total since February 2006.
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