Finance

Private-sector employers added 158K jobs in June

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Jobs

Private-sector employers added 158,000 jobs in June, a smaller number than the previous month, according to a report released Thursday by payroll processor ADP.

In May, private-sector employers added 230,000 jobs, which was revised down from an original estimate of 253,000 jobs, ADP said. Econoday’s consensus estimate for June was a gain of 180,000 jobs.

Job growth in June was driven by businesses in the service sector, while jobs in the goods-producing sector were flat overall, ADP said.

{mosads}The bulk of the new jobs came from medium-sized businesses with 50 to 499 employees, ADP said. Medium-sized businesses added 91,000 jobs, while those of less than 50 people added 17,000 jobs, and large businesses with at least 500 employees added 50,000 jobs.

“Despite a slight moderation in the month of June, the labor market remains strong,” Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said in a news release.

Moody’s Analytics chief economist Mark Zandi said that “the job market continues to power forward.”

“Abstracting from the monthly ups and downs, job growth remains a stalwart between 150,000 and 200,000,” he said. “At this pace, which is double the rate of labor force growth, the tight labor market will continue getting tighter.”

ADP’s report came out one day before the Bureau of Labor Statistics will release its employment data for June. Economists estimate that the government’s report will show an increase of about 170,000 jobs.

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