US private payrolls grow 2.36m in June
By Iain Gilbert
Date: Wednesday 01 Jul 2020
(Sharecast News) - US businesses continued to bring workers back from furlough throughout June as the country's economy attempted to slowly return to normal.
According to data released on Wednesday by ADP and Moody's Analytics, private sector payrolls grew by 2.36m, a touch lower than the 2.5m expected by economists.
While the final figures were short of expectations, the total actually showed a sharp decline from the previous month - which saw a dramatic upward revision to 3.06m from the initially reported loss of 2.76m as the data were back-fitted to the official figures.
Hiring was particularly strong in the leisure and hospitality industry, which had been hard hit as a result of measures aimed at curbing the spread of Covid-19. The sector added 961,000 jobs.
Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said: "Small business hiring picked up in the month of June.
"As the economy slowly continues to recover, we are seeing a significant rebound in industries that once experienced the greatest job losses."
Elsewhere, construction, another hard-hit industry, added 394,000 jobs and manufacturing jobs rose by 88,000 month-on-month as the goods sector saw a total net gain of 457,000 positions.
On the services side, jobs were up 1.91m, while other big increases were seen in the trade, transportation and utilities sector, up 288,000, education and health services, up 283,000, and the "other services" category, up 215,000. Professional and businesses services added 151,000, while financial activities were up 65,000.
Small businesses added 937,000, companies with 500 or more workers were up 873,000 and medium-sized employers added 559,000.
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