The June ADP 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.
As with the earlier ADP report, the report makes for curious reading. The Production reading added a tad to 64.6 indicating still robust manufacturing activity. However, the pace of New Orders fell at the fastest pace since January