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ADP Employment: Continued Strong Gains

June 30, 2021
Bottom Line:   ADP reported nearly 700k new jobs in June.  While higher than expected, the upside surprise was mostly offset by negative revisions to May data.  As we've seen for several months now, leisure and hospitality jobs accounted for nearly half the gains amid continued reopenings.  Moreover, education and healthcare jobs grew notably for the second month in a row.  Job gains in trade and transportation, manufacturing, and construction were also robust.  Overall, the report was solid, mostly in line with the expectations of 700k new nonfarm payroll jobs in the national employment report due Friday.
ADP National Employment ROSE by 692k in June, compared with the consensus estimate for a gain of 600k.  Meanwhile, the revisions to the prior 3 months subtracted 124k from the previous estimates. Over the past 12 months, private payrolls have increased by an average of 438k per month, lifting employment to 4.5% ABOVE its year-ago level.
Jobs in Goods-Producing Industries
ROSE by 68k jobs but Manufacturinggained 19k workers. Moreover, Construction gained 47k jobs.
 Service-Producing Industries ROSE by 624k jobs with Professional/Business Services hiring 53k workers, Trade/Transport/Utilities adding 62k, and Financial Activities increasing by 10k workers.
Small Firms hired 215k workers, Medium-Sized Firms grew by 236k employees while Large Firms added 240k positions.