The U.S. labor market showed no signs of letting up in June, as companies created far more jobs than expected.
Private sector jobs surged by 497,000 in June, well ahead of the 267,000 gain in May and much better than the 220,000 estimate.
A Now hiring sign at McDonald"u2019s restaurant in Yorba Linda, CA, on Monday, Sept. 13, 2021 offering pay from $15 an hour for new employees as signs around the region are getting the cold shoulder from workers reluctant to resume service-industry jobs."The U.S. labor market showed no signs of letting up in June, as companies created far more jobs than expected, payroll processing firm ADP reported Thursday.
Annual pay rose at a 6.4% rate, representing a continued slowing that nonetheless still is indicative of brewing inflationary pressures. ADP's count comes a day ahead of the more closely watched nonfarm payrolls report from the Department of Labor. That is expected to show an increase of 240,000 after. While the two reports can differ broadly, the ADP numbers pose some upside risk for Friday's report.
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