The U.S. labor market showed no signs of slowing in June as companies added far more jobs than expected, data processing firm ADP said on Thursday, CNBC reported.
Private sector jobs rose by 497,000 in June, well above May’s downwardly revised gain of 267,000 and much better than the Dow Jones analyst consensus estimate of 220,000.
The advance led to the biggest monthly gain since July 2022.
From an industry perspective, leisure and hospitality led the way with 232,000 new hires, followed by construction with 97,000 and trade, transport and utilities with 90,000.
Annual wages rose by 6.4%, indicating a continued slowdown, which, however, is still a sign of developing inflationary pressures.
“The consumer services industry posted a strong June, leading to better-than-expected job gains,” said Nela Richardson, ADP chief economist. (Photo source: Tund | Dreamstime.com)
Source: Hot News
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