Here’s what to expect from Friday’s jobs report
ADP’s National Employment Report, produced in a collaboration with the Stanford Digital Economy Lab, showed that the private sector added 497,000 jobs last month, far exceeding economists’ expectations for 228,000 jobs and ADP’s May total of 267,000 hires. While ADP’s tabulations don’t always correlate with the official federal jobs report, set to be released at 8:30 a.m. ET Friday, it’s sometimes viewed as a proxy for overall hiring activity.
was released 90 minutes thereafter. Consensus estimates for ADP’s report were for 228,000 net job gains in the private sector during June, according to Refinitiv estimates, which have an even wilder range of 95,000 to 334,000 jobs. The actual tally for June of 497,000 jobs added, however, blew those estimates out of the water. The bulk of the gains came from service industries, specifically leisure and hospitality businesses, according to ADP.
, May job openings fell to 9.82 million, dropping from an upwardly revised 10.3 million in April, according to the BLS. The May data showed that the number of new hires rose to 6.21 million from 6.1 million, quits jumped up to 4.02 million from 3.77 million and layoffs dipped to 1.56 million from 1.59 million. Job cuts dip in June Weekly jobless claims increased to 248,000 for the week ended July 1, the Department of Labor reported Thursday.
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