ACTV - Why The Monthly Jobs Report Is Often Misleading (Or At Least Premature)

2024-07-09 02:05:00 ET

Summary

• Last Wednesday, ADP announced that 150,000 new private payroll jobs were created in June, but those jobs were not very broad-based.
• ADP’s balanced jobs report, as usual, is probably closer to the truth than the more widely heralded Friday jobs report, which will likely be revised later on.
• On Friday, the Labor Department announced that 206,000 payroll jobs were created in June, which was slightly higher than the economists’ consensus estimate of 190,000.

Last Wednesday, ADP announced that 150,000 new private payroll jobs were created in June, but those jobs were not very broad-based. Nela Richardson, chief economist at ADP, said, “Had it not been for a rebound in hiring in leisure and hospitality, June would have been a downbeat month.”...

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