ADP Payrolls Disappoint In June – 3rd Straight Monthly Decline In Additions
ADP reported 150k job additions in June (well below the 165k expected) – the third straight monthly decline in job additions and the weakest since January…
Source: Bloomberg
Even ADP’s top economist couldn’t spin it…
„Job growth has been solid, but not broad-based. Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month,” said Nela Richardson Chief Economist, ADP.
Once again Services dominated job additions…
Year-over-year pay gains for job-stayers were 4.9 percent in June, the slowest pace of growth since August 2021. Pay gains for job-changers also slowed, to 7.7 percent.
Source: Bloomberg
Finally, we note that ADP has under-estimated the government’s official BLS payrolls print for 9 of the last 10 months…
Source: Bloomberg
…or the official data has vastly over-estimated reality?
Tyler Durden
Wed, 07/03/2024 – 08:23