ADP Report: Econ. Recovery Finds New Traction
"Employment in the U.S. nonfarm private business sector rose 157,000 from May to June on a seasonally adjusted basis, according to the latest ADP National Employment Report released today (see chart above). Today’s ADP National Employment Report estimates employment in the service-providing sector rose by 130,000 in June, nearly three times faster than in May, marking 18 consecutive months of employment gains. Employment in the goods-producing sector rose 27,000 in June, more than reversing the decline of 10,000 in May. Manufacturing employment rose 24,000 in June, which has seen growth in seven of the past eight months.
These figures are above the consensus forecast for today’s report and for Friday’s jobs number from the BLS. Payroll employment growth at this pace usually implies a steady unemployment rate, perhaps even a modest decline. June’s figures suggest that the economic recovery, which slipped in the spring, might have found new traction in early summer."
Other highlights include:
1. June marks the 17th consecutive month of overall ADP employment gains, starting in February of last year (see chart above).
2. Almost one million (984,000) private-sector jobs have been added so far this year, including 116,000 new manufacturing jobs.
3. Over the last 12 months, private employment has increased by almost 1.6 million jobs (1,557,000) including 148,000 new manufacturing jobs.
4. Private-sector employment at 108,677,000 is the highest level in more than two years, since April of 2009.