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U.S. Private Sector Adds 2.369 Million Jobs in June: ADP

Published 07/01/2020, 08:02 AM
Updated 07/01/2020, 08:19 AM

By Noreen Burke

Investing.com - The U.S. private sector added 2.36 million jobs in June, according to a report by payrolls processor ADP, as businesses reopened after closing in mid-March to slow the spread of the coronavirus.

Analysts polled by Investing.com had expected the private sector to have added 3 million jobs last month.

May’s figure was revised to show job gains of 3.065 million from the decline of 2.7 million that was initially reported.

“Small business hiring picked up in the month of June,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “As the economy slowly continues to recover, we are seeing a significant rebound in industries that once experienced the greatest job losses. In fact, 70 percent of the jobs added this month were in the leisure and hospitality, trade and construction industries.”

On Tuesday Federal Reserve Chair Jerome Powell said that while recent signs of improvement including a surprise gain in employment and a record rise in retail sales last month are encouraging, the damage inflicted by forced economic shutdowns to curb the spread of the virus has left a very deep hole to fill, especially on the employment front.

The ADP numbers come ahead of the Labor Department's nonfarm payrolls report for June on Thursday, which includes both public and private-sector employment. The government jobs data is being released a day earlier than usual because of the Independence Day holiday.

That report is expected to show that the unemployment rate ticked down to around 12.3% last month from 13.3% in May with employers forecast to have added 3 million jobs, up from 2.5 million in May. While that would be a second month of record gains the overall trend remains unclear amid widespread data collection issues.

At the same time, Thursday’s weekly jobless claims report is expected to show another surge of new claims for unemployment benefits.

Initial weekly claims for unemployment benefits have been stuck around 1.5 million, though applications have dropped from a record high of 6.86 million reached at the end of March.

--Reuters contributed to this report

Latest comments

We lost over 6 million jobs in June. Added 2.3 million. Still in the red 3.7, plus previously unemployed. That's how analysts need to present data.
this is great news, but I still want Powell to explain why he bought MSFT and Apple bonds.
For People cry gov this, gov that about adp numbers, ADP is a private payroll d#.
Data analysts have their data messed up. Not only that, analysts are incompetent since they have been reporting messed up info not once, but all the time! Get some good brains Gov.
Here it is.. Previous job figure was 3.065k, expected was 3.000k and actual is 2.369k. Also this report is in RED indicating that numbers are below estimates. So why is this channel reporting in such a way as to deviate from reality? Maybe they should get people who can write well and understand numbers too!
This headline is misleading. Expectation was 3M.
Expectation is prediction from economists. They r always wrong in time like this. Then they cry fault if their numbers r wrong.
yet again missed numbers mean zippo when fed buying zombie assets
Lmao all people back to work 🤷‍♂️🤷‍♂️, until their Not
These are just people going back to work? Of course this number will be high then. Lets see how many have a job in septmebrrrr when stimulus runs out.
numbers ... just numbers...accuracy 0!
yesterday's oil inventory and today's job figures are very bullish, buy stocks 3% up today
You must be a bagholder. Sorry. Happens to everyone from time to time :)
Is this why spoos went from down a point an hour ago to up on the day? Red days are rare these days =/
Wonder if those figures take into account the re-closing of some states, new furloughs and layoffs. Still interested in seeing the economic impact these riots have had.
Will be a 2 week delay.
Looks like no more stimulus required and BIDEN gonna raise taxes for wall.st!!
Thc Reuters for always showing your negative bias.psst.. your readers just lol..
Great words!
unfortunately you cant separate stock market and politics right now. Blue dems are putting knee on economys neck so it cant breathe.
scanned thru the comment section, most people post on this topic r political.
"May’s figure was revised to show job gains of 3.065 million from the decline of 2.7 million that was initially reported." That is a difference of 5.7millions, does anyone ever question the entity behind these numbers? They can just revise as much as they want without any consequence? Whats the point of reporting numbers that are so wrong in the first place?
Jr like is absolutely right
JC LI is absolutely right
Calls on guillotines
Time to buy more Groupon!!! This will be a rocket ship for small businesses looking for a marketing tool to get back consumers!
And yet we have a huge workforce staying at home collecting $875 a weekly doing nothing. Companies in urge to hire but people prefer to stay home and collect a check. This stimulus over the regular unemployment must end now!!
Days of bad bews were up, days of good news were down. Theres officially no reason for anything anymore
Missed estimates, few people stillunemployed... nothing to see here DOW up 500!
Do you need help with reading and comprehension?
job numbers better than expected market surges. job numbers lower than. expected, market surges. it's going to be ugly when the rug is pulled out from under investors. I'm sure retail investors will bear the brunt of the losses, as usual.
How are the numbers better than expected when there were 3 million new jobs expected while it was 20% less?In May they reported 2.7 million and corrected the number to 3000. Can you read?
clearly wherever you're from sarcasm isn't a recognized sport.
you're absolutely right!
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