Financial News: U.S. Private Sector Employment Climbs By 150,000 Jobs

U.S. Private Sector Employment Climbs By 150,000 Jobs In June, Less Than Expected

07/03/2024 - 09:07:00 (RTTNews)

(RTTNews) - Payroll processor ADP released a report on Wednesday showing private sector employment in the U.S. increased by slightly less than expected in the month of June.

ADP said private sector employment climbed by 150,000 jobs in June after rising by an upwardly revised 157,000 jobs in May.

Economists had expected private sector employment to increase by 160,000 jobs compared to the addition of 152,000 jobs originally reported for the previous month.

"Job growth has been solid, but not broad-based," said ADP chief economist Nela Richardson. "Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month."

The report said the service-providing sector added 136,000 jobs during the month, as employment in the leisure and hospitality industry climbed by 63,000 jobs.

Meanwhile, employment in the goods-producing sector edged up by 14,000 jobs, with an increase in employment in the construction industry partly offset by decreases in employment in the manufacturing and natural resources/mining industries.

ADP also said employment at medium establishments advanced by 88,000 jobs, while large establishments added 58,000 jobs and employment at small establishments crept up by 5,000 jobs.

The report also said year-over-year pay gains for job-stayers were 4.9 percent in June, the slowest pace of growth since August 2021. Pay gains for job-changers also slowed to 7.7 percent.

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

Economists currently expect employment to jump by 190,000 jobs in June after surging by 272,000 jobs in May, while the unemployment rate is expected to hold at 4.0 percent.

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