SMM: data released at 20:15 yesterday showed that ADP employment in the United States increased by 2.369 million in June, and economists expect an increase of 3 million.
It is worth noting that the previous value was significantly revised from-2.76 million to 3.065 million. Mark Zandi (Mark Zandi), chief economist at Moody's Analytical (Moody's Analytics), said: "the revision does not reflect any information. Our goal is to use ADP data to predict Department of Art and Labor data and to do so as accurately as possible." You can't draw the conclusion that positive changes are taking place in the labour market. "
Yohay Elam, an analyst at FXStreet, said the weaker-than-expected June ADP employment growth appeared to have been ignored by the market after the May ADP data were sharply revised. However, it is worth noting that the revised May ADP payrolls are basically in line with the May payrolls (an increase of 2.509 million) in the non-farm report.
"small business hiring increased in June," said Ahu Yildirmaz, vice president and co-director of ADP Research. As the economy continues to recover slowly, we have seen a significant rebound in the sectors that have suffered the most unemployment. "
Hiring in the key leisure and hotel sector was particularly strong in June, with employment surging by 961000, the biggest increase so far of all sectors, which had been hardest hit by the epidemic. In addition to the huge growth in hotels, construction (another hard-hit industry) grew by 394000 and manufacturing by 88000.
Employment in the service sector increased by 1.912 million. Transport and public utilities increased by 288000, education and health services increased by 283000, and the "other services" category increased by 215000. Professional and business services increased by 151000, and financial activities (including Wall Street jobs) increased by 65000.
Small businesses had the largest increase in employment, by 937000, companies with 500 or more employees increased by 873000, and medium-sized companies increased by 559000.
Non-farm data for June will be released at 20:30 on Thursday, with economists expecting an increase of 3 million, compared with 2.509 million in May. The Bureau of Labor Statistics had previously admitted that there was an error in the May non-farm data, which could mean that the May data could be significantly revised.
The volatile figures may indicate that it is difficult to estimate the employment situation under the epidemic, adding uncertainty to the forecast of tomorrow's non-farm data.
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