The ADP Research Institute released their June jobs report and it has caused quite the stir.
According to the report, private employers added 497,000 jobs in June with strong gains in Liesure and Hospitality, Trade and Transportion and Education and Health Services subsectors.
- Trade, Transportation and Utilities added 90,000
- Construction added 97,000 jobs
- Leisure and Hospitality added 232,000
- Education and Health Services added 74,000
- Manufacturing lost 42,000 jobs.
- Information lost 30,000 jobs.
- Financial Services lost 16,000 jobs.
- Professional and Business Services lost 5000 jobs
“Consumer-facing service industries had a strong June, aligning to push job creation higher than expected,” said ADP chief economist Nela Richardson. “But wage growth continues to ebb in these same industries, and hiring likely is cresting after a late-cycle surge.”