ADP Employment Report Shows Stronger Than Expected Job Growth, Thursday, July 05, 2007 8:27:37 AM
Automatic Data Processing, Inc. (ADP) released its national employment report for the month of June on Thursday, showing that the pace of employment growth accelerated more than expected compared to the previous month.The report said that non-farm private employment grew by 150,000 in June following an upwardly revised increase of 98,000 in May. Economists had expected an increase of about 103,000 jobs compared to the increase of 97,000 originally reported for the previous month.
ADP noted that the three-month average change in non-farm private employment increased to 103,000 in June from 86,000 in May and 75,000 in April.
The job growth was largely due to increased employment in the service-providing sector, which rose by 163,000. The increase more than offset a decrease of 13,000 jobs in the goods-producing sector, which lost jobs for the seventh consecutive month.
The stronger than expected growth shown by the report may generate some optimism about the release of the Labor Department`s June employment report on Friday. The report is expected to show that the economy added around 125,000 jobs in June.
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posted by Kalin Tasev @ 6:21 AM
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