U.S. private employers add 150,000 jobs in June – ADP
2024.07.03 09:16
Investing.com — in the U.S. added fewer roles than anticipated in June, but job gains remained somewhat resilient thanks to a rebound in hiring in the leisure and hospitality industries, according to a report from payrolls processor ADP on Wednesday.
The ADP Employment report showed that private payrolls rose by 150,000 last month, down from an upwardly-revised total of 157,000 in May. Economists had seen the figure at 163,000.
Leisure and hospitality accounted for a large portion of jobs created in the key services sector, offsetting a decline in the information field and weakness in education and health services.
“Job growth has been solid, but not broad-based,” said Nela Richardson, Chief Economist at ADP. “Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month.”
Meanwhile, year-on-year wage gains for people staying in their current positions were 4.9%, the slowest pace of growth since August 2021. Pay increases for those changing jobs also decelerated to 7.7%.
Investors are pouring through a series of job market data points this week, including the government’s all-important nonfarm payrolls report on Friday. Signs of slowing in labor demand could, in theory, help relieve some inflationary pressures, potentially giving the Federal Reserve more justification to cut interest rates down from more than two-decade highs later this year.
