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Thursday, July 6, 2017

ADP: 158,000 Jobs Added in June

The non-farm private sector added 158,000 jobs in June, according to the ADP National Employment Report. May’s figure was revised down from 253,000 to 230,000. Professional and business services jobs accounted for 43.6% of June’s growth.
Businesses of all sizes saw increases. Small businesses with fewer than 50 employees were sluggish, adding 17,000 jobs, while medium-sized businesses with 50-499 employees added 91,000. Large businesses added 50,000 jobs.

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market continues to power forward. Abstracting from the monthly ups and downs, job growth remains a stalwart between 150,000 and 200,000. At this pace, which is double the rate of labor force growth, the tight labor market will continue getting tighter.”

Service-providing employment rose by 158,000 jobs, driven by the professional and business services sector which added 69,000. The health services sector had a robust report, adding 33,000 jobs. The education sector was the only reported setback in service-providing employment, losing 6,000 jobs. Goods-producing employment showed no job growth. The manufacturing industry gained 6,000 jobs, offsetting losses of 4,000 and 2,000 in the mining and construction sectors, respectively.

Read the ADP report.
Visit Banks and the Economy.

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