Today’s ADP jobs report is positive, but not as positive as economists anticipated.
Private sector employment increased by 2,369,000 jobs from May to June according to the June ADP National Employment Report®. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
As the graph below shows, the trend is up for the second month following deep declines.
Bill McBride at Calculated Risk writes,
This was below the consensus forecast for 3,000,000 private sector jobs added in the ADP report.
Tomorrow’s jobs report will tell a more complete story.