ADP employment
- Largest since Feb 2022
- Prior was 278K
Details:
- small (less than 50 employees) +299K vs +116K prior
- medium firms (500 – 499) +183K vs +112K prior
- large (greater than 499 employees) -8K vs +106K prior
- Job stayers 6.4% vs 6.5%
- Job changers 11.2% vs 12.1%
The US 2-year yield topped 5% for the first time since early March on the data and the US dollar is stronger across the board. The high for the year is 5.08%.
“Consumer-facing service industries had a strong June, aligning to push job creation higher than expected,” said Nela Richardson, chief economist, ADP. “But wage growth continues to ebb in these same industries, and hiring likely is cresting after a late-cycle surge."
In the breakdown, the leisure/hospitality industry added 232K of the jobs with education/health services adding another 74K. Construction was also strong at +97K.
