The June Automatic Data Processing survey of private sector hiring showed a pick-up in the pace of hiring across the board. Private companies hired 237,000 new workers last month, beating the Bloomberg forecast among economists of 218,000. The pace increased from 203,000 seen in May.
The latest reading is the strongest pace of hiring for a single month so far in 2015. The Professional and Business Services group accounted for one-in-four jobs overall, adding 61,200 workers, while the brisk level of engagement ran at about two-times the pace of the prior hiring period.
The level of construction hiring softened to 19,000 yet remains consistent with growth in the sector. Manufacturers added a net 7,000 positions having shed a total of 8,000 workers in each of the past three months.
The pace of hiring rose across financial services to 19,000. Notable within the report was news that the nation’s largest companies, employing between 500-999 workers, added 26,900 new positions, which is the most in 15-months, important, as this segment is typically a slug when it comes to adding payrolls.
Overall, the labor market appears to be continuing its strengthening process as the economy picks-up slack from the first quarter. The latest ADP payroll reading paves the way for further improvement in the government report due Thursday on account of US Independence Day celebrations.
About the Author
Andrew is a seasoned trader and commentator of global financial markets. He worked for several London-based banks trading cash and derivatives before moving to the U.S. to attend graduate school. Andrew re-joins Interactive Brokers following a two-year stretch at a major Wall Street broker-dealer as their Chief Economic Strategist. His coverage of stocks, options, futures, forex and bonds regularly surfaces in global media, and over the last several years Andrew has made many TV appearances on Bloomberg, BBC, CNBC and BNN and Yahoo Finance.