Published: Fri, July 07, 2017
Markets | By Erika Turner

Private-sector job growth slows to still-solid 158000, ADP says

Private-sector job growth slows to still-solid 158000, ADP says

Further, both estimates and ADP were well below the 230,000 new jobs number reported for May.

At first blush the jobs report from ADP, the data-processing firm that works with Moody's Analytics in developing its monthly review, looked disappointing.

ADP's figures have been off in recent months compared to the official statistics from the Labor Department.

However, Zandi sees some "soft spots" ahead and believes that retail jobs will continue to decline as brick-and-mortar stores continue to lose business to online merchants such as Amazon.

United States private employers added 158,000 jobs in June, lower than market expectations, a report by a payrolls processor showed.

"ADP and payrolls do not tend to diverge for more than two months", Binky Chadha, the chief global strategist at Deutsche Bank, told Business Insider. The Labor Department uses its own survey of US employers - both private and public sector. Large businesses (500+ employees) added 50,000 jobs, and small businesses (1-49 employees) added 17,000 jobs. That would be up from the 138,000 private and public sector positions added in May. The unemployment rate is forecast unchanged at 4.3%.

Breckenridge residents told to prepare to evacuate as wildfire spreads
The Sheriff's Office encourages the public to comply with the evacuation order, which is in place for the safety of the public. At a media briefing Wednesday it was announced that a Type 1 Incident Management Team would arrive at the fire on Thursday.

President Trump tweeted this week that the media were ignoring the economy's "great jobs numbers" since he took office.

Despite the miss the U.S. jobs market remains firm, with the labor market continuing to tighten. "We've been getting job growth consistently now for about seven years". Still, it was the 122nd straight week that claims remained below 300,000, a threshold associated with a healthy labor market.

Thursday's claims report also showed the number of people still receiving benefits after an initial week of aid increased 11,000 to 1.96 million in the week ended June 24.

After turning in a lackluster performance in the previous session, stocks have moved mostly lower during trading on Thursday.

The June performance was down dramatically from the average of almost 80,000 jobs added each month this year. But natural resources and mining companies reduced their payrolls by 4,000, while construction firms shed 2,000 net new jobs.

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