First Look at June: ADP Says 177K New Nonfarm Private Jobs
The economic mover and shaker this week is Friday'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). Today we have the ADP June estimate of 177K new nonfarm private employment jobs, an increase over the ADP May figure of 189K.
The 177K estimate came in below the Investing.com consensus of 190K for the ADP number.
The Investing.com forecast for the forthcoming BLS report is for 190K nonfarm private new jobs and the unemployment rate to remain at 3.8%. Their forecast for the May full nonfarm new jobs is (the PAYEMS number) is 200K.
Here is an excerpt from today's ADP report press release:
“The labor market continues to march towards full employment,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Healthcare led job growth once again and trade rebounded nicely.”
Mark Zandi, chief economist of Moody’s Analytics, said, “Business’ number one problem is finding qualified workers. At the current pace of job growth, if sustained, this problem is set to get much worse. These labor shortages will only intensify across all industries and company sizes.”
Here is a visualization of the two series over the previous twelve months.
The next update to this report will be on August 1.
Here's our list of monthly employment updates: