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U.S. Private Sector Employment Surges Much More Than Expected In June
(RTTNews) - A report released by payroll processor ADP on Thursday showed private sector employment in the U.S. surged by much more than expected in the month of June.
ADP said private sector employment spiked by 497,000 jobs in June after jumping by a downwardly revised 267,000 jobs in May.
Economists had expected private sector employment to increase by 228,000 jobs compared to the addition of 278,000 jobs originally reported for the previous month.
"Consumer-facing service industries had a strong June, aligning to push job creation higher than expected," said ADP chief economist Nela Richardson. "But wage growth continues to ebb in these same industries, and hiring likely is cresting after a late-cycle surge."
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