US private payrolls growth slows in June
2024.07.03 09:41
WASHINGTON (Reuters) – U.S. private payrolls increased a bit less than expected in June, consistent with slowing labor market momentum.
Private payrolls increased by 150,000 jobs last month after rising by an upwardly revised 157,000 May, the ADP Employment report showed on Wednesday.
Economists polled by Reuters had forecast private employment increasing by 160,000 after a previously reported 152,000 gain.
The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of Friday’s more comprehensive and closely watched employment report for June from the Labor Department’s Bureau of Labor Statistics. Initial prints have understated private payroll growth so far this year.
Economists polled by Reuters expect the BLS data to show 160,000 private-sector jobs were created last month, down from the 229,000 added in May. Total payrolls are estimated to have increased by 190,000 jobs compared to 272,000 in May. The unemployment rate is forecast unchanged at 4.0%.
