ADP Employment Gains Slow In June
ADP reported the addition of 692k jobs in June (better than the expected 600k but a slow down from May’s 886k addition)…
May was revised lower 92k to 886k from 978k as reported last month.
Information and management services firms saw employment shrink.
“The labor market recovery remains robust, with June closing out a strong second quarter of jobs growth,” said Nela Richardson, chief economist, ADP.
“While payrolls are still nearly 7 million short of pre-COVID19 levels, job gains have totaled about 3 million since the beginning of 2021. Service providers, the hardest hit sector, continue to do the heavy lifting, with leisure and hospitality posting the strongest gain as businesses begin to reopen to full capacity across the country.”
But as the chart shows, both segments of the economy showed a slowing in job additions.