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Financial News: U.S. Private Sector Adds Fewer Than Expected Jobs

U.S. Private Sector Adds Fewer Than Expected Jobs In June

07/06/2017 - 09:10:00 (RTTNews)

(RTTNews) - Employment in the U.S. private sector rose by less than expected in the month of June, according to a report released by payroll processor ADP on Thursday.

ADP said private sector employment climbed by 158,000 jobs in June after jumping by a revised 230,000 jobs in May.

Economists had expected an increase of about 185,000 jobs compared to the addition of 253,000 jobs originally reported for the previous month.

The report said employment in the service-providing sector surged up by 158,000 jobs, while employment in the goods-producing sector was unchanged.

Mark Zandi, chief economist of Moody's Analytics, said, "The job market continues to power forward. Abstracting from the monthly ups and downs, job growth remains a stalwart between 150,000 and 200,000."

"At this pace, which is double the rate of labor force growth, the tight labor market will continue getting tighter," he added.

ADP said employment at small businesses edged up by 17,000 jobs, while employment at large and medium businesses climbed by 50,000 jobs and 91,000 jobs, respectively.

On Friday, the Labor Department is scheduled to release its monthly jobs report, which includes both public and private sector jobs.

The report is expected to show an increase of 179,000 jobs in June, and the unemployment report is expected to hold at 4.3 percent.

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