Employment Revised Higher for May: 27,000 to 41,000
The ADP National Employment Report finds the U.S. private sector added 102,000 jobs in June, less than the forecast. The total of jobs added for May was revised up from 27,000 to 41,000.
|Indicator||Prior||Prior Revised||Consensus Forecast||Forecast Range||Result|
|ADP||27,000||41,000||140,000||130,000 to 190,000||102,000|
“Job growth started to show signs of a slowdown,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “While large businesses continue to do well, small businesses are struggling as they compete with the ongoing tight labor market. The goods producing sector continues to show weakness. Among services, leisure and hospitality’s weakness could be a reflection of consumer confidence.”
Small businesses (1-49 employees) lost 23,000, while medium businesses (50-499) added 60,000 and large (500+) added 65,000.
“The job market continues to throttle back. Job growth has slowed sharply in recent months, as businesses have turned more cautious in their hiring,” Mark Zandi, chief economist of Moody’s Analytics, said. “Small businesses are the most nervous, especially in the construction sector and at bricks-and-mortar retailers.”