Private Sector Hiring Slows in June
Despite there still being 7 million fewer jobs in the economy than before the pandemic, private sector hiring fell in June according to the latest ADP report (ADP)
Service jobs continue to lead the charge in job growth. Leisure & hospitality was responsible for almost half the gains creating 332,000 jobs followed by education/health services (+123,000), and professional & business (+53,000).
- The gross producing sector created 68,000 jobs in June.
Job creation was split pretty evenly between different size businesses. Large businesses lead the way creating 240,000 jobs followed by midsize businesses (+236,000) and small businesses (+215,000)
Nela Richardson, chief economist, ADP, tried to a positive spin on things. “While payrolls are still nearly 7 million short of pre-COVID19 levels, job gains have totaled about 3 million since the beginning of 2021.
The ADP report has not been anywhere near a bellwether when it comes to indicating what the monthly jobs report will say. So you have to wonder if a somewhat underwhelming ADP report could mean good things for Friday…