ADP Reports 98,000 June Private Jobs, Missing 110,000 Forecast
Updated
Updated · CNBC · Jul 1
ADP Reports 98,000 June Private Jobs, Missing 110,000 Forecast
3 articles · Updated · CNBC · Jul 1
Summary
98,000 private-sector jobs were added in June, ADP said, down from 122,000 in May and below the 110,000 Dow Jones forecast.
48,000 of those gains came from education and health services, while services supplied all but 2,000 new jobs and natural resources and mining lost 5,000.
53,000 jobs came from businesses with fewer than 50 employees, outpacing gains of 29,000 at mid-sized firms and 25,000 at large employers.
4.4% annual pay growth for job-stayers held steady, while job-switchers' gains edged up to 6.6%, as ADP said slower hiring reflects both softer demand and labor-supply constraints.
Thursday's BLS payrolls report is expected to show 115,000 jobs added and unemployment steady at 4.3%; ADP has generally undershot the official count in recent months.