Market Updates
ADP Says Private Sector Added 497K Jobs In June
Brian Turner
06 Jul, 2023
New York City
Private sector employment in June accelerated more than expected after the travel & leisure industry continued to hire at a brisk pace, the latest survey from ADP showed Thursday.
The ADP data tracks private sector jobs market and the surveys are subject to significant revisions and are often volatile.
Total new hires in the private sector increased to 497,000 from the downwardly revised 267,000 in May,
May payroll additions were previously estimated at 278,000.
Leisure and hospitality sector added 232,000 net new jobs in June, driving the overall hiring in the month.
"Consumer-facing service industries had a strong June, aligning to push job creation higher than expected," said ADP chief economist Nela Richardson.
"But wage growth continues to ebb in these same industries, and hiring likely is cresting after a late-cycle surge," added Richardson.
Construction, transportation and trade and education also reported notable job gains but employment in the manufacturing and information sector saw declines.
Medium and small size businesses added staff in the month and large businesses shed employees.
Small employers added 299,000, medium establishments expanded by 183,000 but large companies eliminated 8,000 jobs.
Wage gains in June slowed to 6.4% after rising at 6.6% in May.
Investors are awaiting payrolls data from the U.S. Labor Department on Friday, and non-farm payrolls, which includes private sector and government hirings, are expected to increase 235,000 after rising by 339,000 in May.
Jobless rate is expected to inch lower to 3.6% from 3.7% in the previous month.
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