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Financial News: U.S. Private Sector Job Growth Reaccelerates Less Than

U.S. Private Sector Job Growth Reaccelerates Less Than Expected

07/03/2019 - 09:04:00 (RTTNews)

(RTTNews) - Payroll processor ADP released a report on Wednesday showing private sector job growth reaccelerated in the month of June but still came in below economist estimates.

ADP said private sector employment climbed by 102,000 jobs in June after rising by an upwardly revised 41,000 jobs in May.

Economists had expected employment to increase by about 140,000 jobs compared to the addition of 27,000 jobs originally reported for the previous month.

"Job growth has slowed sharply in recent months, as businesses have turned more cautious in their hiring," said Mark Zandi, chief economist of Moody's Analytics.

He added, "Small businesses are the most nervous, especially in the construction sector and at bricks-and-mortar retailers."

The report said employment in the service-providing sector jumped by 117,000 jobs in June, with notable job growth visible in the healthcare/social assistance industry.

However, the increase was partly offset by the loss of 15,000 jobs in the goods-producing sector, which reflected a drop of 18,000 construction jobs.

ADP said employment at large and mid-sized businesses climbed by 65,000 jobs and 60,000 jobs, respectively, although employment at small businesses fell by 23,000 jobs.

"While large businesses continue to do well, small businesses are struggling as they compete with the ongoing tight labor market," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.

On Friday, the Labor Department is scheduled to release its more closely watched monthly employment report for June.

Employment is expected to increase by 160,000 jobs in June after rising by 75,000 jobs in May, while the unemployment rate is expected to hold at 3.6 percent.

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