U.S. Companies Added Fewer Workers than Forecast in June

According to the latest data, U.S. companies added fewer workers in June than forecast — this as reported by  ADP Research Institute in Roseland, New Jersey.

Key Takeaways:

• Private payrolls rose by 177k (est. 190k) after an upwardly revised 189k gain in May (prev. 178k)
• Payrolls in goods-producing industries, which include builders and manufacturers, increased 29k
• Service providers added 148k to payrolls

The results, ahead of the government’s monthly jobs report on Friday, July 6, show broad gains across industries including manufacturing, construction, health care and trade and transportation.

Steady growth in employment is supporting consumer spending and lift ing economic growth even with the uncertainty surrounding import tariffs. What hasn’t grow much is wage growth.

A separate report showed U.S. filings for unemployment benefits rose to a six-week high at the end of June, while remaining consistent with a tight labor market and below year-ago levels. Jobless claims increased by 3,000 to 231,000 in the week ended June 30, according to the Labor Department. That compared with the median estimate of analysts for 225,000.

Related Economic News

• Hiring in construction rose by 13,000; factories added 12,000 workers
• Professional and business services beefed up their workforce by 33,000 while health services added 37,000 workers
• Companies employing 500 or more workers increased staffing by 69,000 jobs; payrolls rose by 80,000 at medium-sized businesses, or those with 50 to 499 employees

Category: Featured, General Update, News