ADP: U.S. private sector added 497,000 jobs in June — twice economists’ forecast
The numbers: The U.S. private sector added 497,000 jobs in June, according to the payroll services firm ADP on Thursday, compared to a revised 267,000 in May. The increase was the biggest since July 2022.Key details: Service sector firms added 373,000 jobs in June while goods-producing rose 124,000.
Big picture: ADP’s report comes one day before the Labor Department’s closely-watched employment report. ADP revised its methodology last year and says it does not try to forecast the government’s job report. Economists polled by the Wall Street Journal forecast the Labor Department will report a net job gain of 240,000 in June, down from the super-strong 339,000 in the prior month. The unemployment rate is expected to dip at 3.6% after jumping to 3.7% in May.
What ADP said: “Consumer-facing service industries had a strong June, aligning to push job creation higher than expected. But wage growth continues to ebb in these same industries, and hiring likely is cresting after a late-cycle surge,” said Nela Richardson, chief economist at ADP. Market reaction: Stocks DJIA, -0.38% SPX, -0.20% were set to open lower on Thursday. The yield on the 10-year Treasury note TMUBMUSD10Y, 4.025% rose above 4%.
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