Private payrolls rise by 692,000 in June, down from prior month
Economists were expecting the addition of 600,000 private-sector jobs
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U.S. private-sector job growth slowed in June, but was ahead of what Wall Street analysts were expecting.
The U.S. economy added 692,000 private-sector jobs this month, a decline from the downwardly revised 886,000 jobs gained in May, according to the ADP National Employment Report released Wednesday. Analysts surveyed by Refinitiv were expecting the addition of 600,000 jobs.
"The labor market recovery remains robust, with June closing out a strong second quarter of jobs growth," said Nela Richardson, chief economist at ADP. "While payrolls are still nearly 7 million short of pre-COVID19 levels, job gains have totaled about 3 million since the beginning of 2021."
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Service providers continued to lead the job gains with leisure and hospitality adding 332,000 workers in June. Education and health services (plus 123,000), professional and business services (plus 53,000) and trade, transportation and utilities (plus 62,000) also saw solid gains. Information services (minus 4,000) was the only services-providing sector to lose jobs.
Goods-producing sectors added a total of 68,000 jobs, led by construction (plus 47,000).
Job growth was pretty evenly distributed across small-, medium- and large-sized businesses.
The ADP report comes ahead of Friday's June nonfarm payrolls report.
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The Labor Department is expected to say the U.S. economy added 706,000 jobs this month as the unemployment rate fell to 5.6%, according to a Refinitiv poll of economists. The economy gained 559,000 jobs last month with the unemployment rate falling to 5.8%.