U.S. Nonfarm employment surges by 497K in June: ADP

MG News | July 06, 2023 at 05:25 PM GMT+05:00

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July 06, 2023 (MLN): The U.S. labor market posted another month of surprising strength in June as nonfarm employment change clocked in at a pace well above expectations, according to the latest Automatic Data Processing (ADP) data released today.

U.S ADP National employment report showed that private sector employment increased by 497,000 jobs in June as compared to just 278,000 in the previous month, and well above the analysts' expectations of 225,000.

Meanwhile, it showed that the annual pay was up 6.4%.

The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is a good predictor of the government's non-farm payroll report.

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