Tags: ADP | Private | Sector | Adds | 157 | 000 | Jobs

ADP: Private Sector Adds 157,000 Jobs in June

Thursday, 07 Jul 2011 08:40 AM

 

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U.S. private employers added far more jobs than expected in June, bouncing back from a surprise slump the month before, a report by a payrolls processor showed Thursday.

The private sector added 157,000 jobs last month, exceeding expectations for a gain of 68,000, according to a Reuters survey of economists.

May's figure was revised down to an increase of 36,000 from the previously reported 38,000, which had been an eight-month low.

The report is jointly developed with Macroeconomic Advisers LLC.

The figures come ahead of the government's much more comprehensive labor market report on Friday, which includes both public and private sector employment.

"The ADP results certainly put a bit of an optimistic spin on Friday's payroll survey," said Guy Lebas, chief fixed income strategist at Janney Montgomery Scott in Philadelphia.

U.S. stock index futures added to gains following the report, while the dollar gained more ground against the yen.

Friday's report is expected to show a modest rise in overall nonfarm payrolls of 90,000 for last month and a gain in private payrolls of 110,000.

On Wednesday, a stable employment reading from the Institute for Supply Management's service sector survey suggested employment growth later in the year.

Economists often refer to the ADP report to fine-tune their expectations for the payrolls numbers, though it is not always accurate in predicting the outcome.

© 2014 Thomson/Reuters. All rights reserved.

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