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ADP: US economy adds 281,000 jobs in June

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ADP: US economy adds 281,000 jobs in June

Results well above expectations; middle market creates 115,000 jobs.

Private sector employment increased by 281,000 jobs from May to June, according to payroll-processing giant ADP.  Middle market companies produced approximately 41% of these, or 115,000.

"Judging from the job market, the economic recovery remains fully intact and is gaining momentum."

Analysts had expected a figure of 200,000.

Goods-producing employment rose by 51,000 jobs in June, up from 31,000 jobs gained in May. The construction industry added 36,000 jobs over the month, more than double the May number. Meanwhile, manufacturing added 12,000 jobs in June, up slightly from last month.

Service-providing employment rose by 230,000 jobs in June, up from 148,000 in May.  Professional/ business services contributed 77,000 jobs in June, up from 46,000 in May. Expansion in trade/transportation/utilities grew by 50,000, up from May’s 36,000. The 11,000 new jobs added in financial activities was about double last month’s number.

"The June jobs number is a welcome boost,” said Carlos Rodriguez, president and chief

executive officer of ADP. “The number of construction jobs added was particularly encouraging, representing the highest total in that industry since February of 2006.”

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Mark Zandi, chief economist of Moody’s Analytics, said, "The job market is steadily improving. Job gains are broad based across all industries and company sizes. Judging from the job market, the economic recovery remains fully intact and is gaining momentum.”

 

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