ADP: June Strong Month For Jobs
Small Biz Adds 120,000 Jobs
The U.S. private sector added 237,000 new jobs last month – the largest gains in six months – according to closely-watched data from payroll processing firm ADP. The total exceeded consensus forecasts by analysts, who largely predicted June growth of between 220,000 and 230,000 positions.
“The U.S. job machine remains in high gear,” said Mark Zandi, chief economist at Moody’s Analytics, which partners with ADP to produce the report. “The current robust pace of job growth is double that needed to absorb the growth in the working age population. Most encouraging is the healthy rate of job growth among the nation’s smallest companies.”
In June, ADP data showed, small businesses (1-49 employees) added 120,000 jobs, while mid-sized firms (50-499) grew by 86,000 positions and large companies (500 or more) bolstered their ranks by 32,000. Among industries, professional and business services contributed 61,000 new jobs, while the trade, transportation and utilities sector added 50,000 positions. Construction companies increased hiring by 19,000 jobs in June, while factories added 7,000 positions.