Private payrolls rise by 157,000 in June: ADP |
| MarketWatch - Jul 7, 2011 |
Private-sector employment rose 157,000 in June, according to Automatic Data Processing Inc.’s employment report released Thursday, in what could be a signal that the recent economic soft patch may not last long.
The headline number surprised Wall Street, coming in more than double the 70,000 increase expected by economists. Read more on U.S. stock futures taking comfort from ADP payrolls.
With the report typically considered the first stab at counting job gains each month, markets will be watching the ADP data closely because last month’s report accurately predicted the sharp drop in nonfarm payroll subsequently reported by the government for May.
The ADP data indicate job growth in June will be better than the tepid performance in May.
On Friday, the Labor Department will report on June’s nonfarm payrolls, which also include the public sector. Economists polled by MarketWatch are looking for a gain of 115,000 and for the nation’s unemployment rate to remain steady at 9.1%.
Read Full Article from MarketWatch
- Posted: 2011-07-07 14:39:55
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