The economic mover and shaker this week is today's employment report from the Bureau of Labor Statistics. This monthly report contains a wealth of data for economists, the most publicized being the month-over-month change in Total Nonfarm Employment (the PAYEMS series in the FRED repository).
Yesterday we had the June estimate of 237K new nonfarm private employment jobs from ADP, up from the May's 203K, which is an upward revision from 200K. Also the April number was revised upward by 14K.
The 237K estimate came in above the Investing.com forecast of 218K for the ADP number.
The Investing.com forecast for the forthcoming BLS report is for 230K nonfarm new jobs (the actual PAYEMS number).
Here is an excerpt from yesterday's ADP report:
Goods-producing employment rose by 12,000 jobs in June, after adding 11,000 in May. The construction industry had another solid month in June adding 19,000 jobs, down from 28,000 last month. Meanwhile, manufacturing added 7,000 jobs in June, after losing 2,000 in May.
Service-providing employment rose by 225,000 jobs in June, a strong rise from 192,000 in May. The ADP National Employment Report indicates that professional/business services contributed 61,000 jobs in June, almost double May’s 32,000. Trade/transportation/utilities grew by 50,000, the same as the previous month. The 19,000 new jobs added in financial activities was an increase from last month’s 12,000.
"June job numbers came in at their highest level since December 2014,” said Carlos Rodriguez, president and chief executive officer of ADP. “Small businesses continue to lead the way adding over half of the total jobs this month.”
Mark Zandi, chief economist of Moody’s Analytics, said, “The U.S. job machine remains in high gear. The current robust pace of job growth is double that needed to absorb the growth in the working age population. The only blemish in the job market is the loss of jobs in the energy sector. Most encouraging is the healthy rate of job growth among the nation’s smallest companies.”
Here is a visualization of the two series over the previous twelve months.
The key difference between the two series is that the BLS series is for Nonfarm Payrolls while ADP tracks private employment.