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Economics
Jobs


US COMPANIES ADD NEARLY HALF A MILLION JOBS, MOST IN OVER A YEAR

 * ADP report on payrolls shows broad increase in hiring in June
 * Initial jobless claims edged higher last week but remain low

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US Companies Added Almost Half a Million Jobs in June
US Companies Added Almost Half a Million Jobs in June
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US Companies Added Almost Half a Million Jobs in June
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By Reade Pickert
July 6, 2023 at 2:17 PM GMT+2
Updated on
July 6, 2023 at 2:50 PM GMT+2
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2:38

US companies added almost half a million jobs in June, the most in over a year
and underscoring the ongoing strength of the labor market.

Private payrolls increased by 497,000 last month, marking the biggest advance
since February 2022, according to figures published Thursday by the ADP Research
Institute in collaboration with Stanford Digital Economy Lab. It was more than
double the median estimate in a Bloomberg survey of economists.

The job gains were relatively broad-based, including advances in construction,
trade and transportation and other service industries, with leisure and
hospitality adding the most jobs since September 2021.


JUNE PAYROLLS SURGE

Leisure and hospitality led the gains, but others also posted robust increases

Source: ADP Research Institute

Every region but the South added jobs. Employment gains were concentrated in
firms with fewer than 250 employees.



Wage growth, meanwhile, decelerated. Workers who stayed in their jobs
experienced a 6.4% pay increase in June from a year ago. For those who changed
jobs, the median rise in annual pay was 11.2%. Both rose at the slowest pace
since 2021.

“Consumer-facing service industries had a strong June, aligning to push job
creation higher than expected,” Nela Richardson, the chief economist at ADP,
said in a statement. “Wage growth continues to ebb in these same industries, and
hiring likely is cresting after a late-cycle surge.”



Treasury yields popped and US stock futures added to losses following the data.


JOBLESS CLAIMS

A separate report out Thursday showed applications for unemployment benefits
rose by 12,000 last week, to 248,000. Continuing claims — a proxy for the number
of Americans receiving those benefits — fell to 1.7 million in the week ended
June 24, a four-month low.

Read More: Drop in Hours Worked Seen as Next Clue to Assess US Labor Market

The broad-based increase in hiring, paired with a still relatively low level of
jobless claims, points to the resilience of the country’s job market. While
there are pockets of weakness — notably in technology and finance — the broader
labor picture remains one of strength.



ADP’s report showed a few sectors shed jobs, including manufacturing,
information and financial activities. Job cuts, as measured by Challenger, Gray
& Christmas Inc., fell to nearly half their May level in June, though from a
year earlier, cuts are still 25% higher.

A monthly jobs report due Friday from the Bureau of Labor Statistics, which also
includes government payrolls, will provide further insight into the direction
the labor market is headed. Forecasters project that report will show employers
added 225,000 jobs in June and annual wage growth cooled somewhat.



— With assistance from Jordan Yadoo, Molly Smith, and Augusta Saraiva

(Adds chart.)

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