ADP jobs up 2.4M in June, May revised from big loss to 3M job gain

June ADP Jobs Report: +2.369M vs. +3.5M consensus, +3.065M prior. (revised from -2.76M).

Of note is the whopping change for May, which was revised to a gain of 3.065M jobs from the initially reported loss of 2.76M. For perspective, April’s job loss was just shy of 20M.

“As the economy slowly continues to recover, we are seeing a significant rebound in industries that once experienced the greatest job losses,” said Ahu Yildirmaz, cohead of the ADP Research Institute.

A couple of subsectors posted major job gains in June – Leisure and hospitality up 961K, Construction up 398K, while information, mining announced cuts.

The government’s nonfarm payroll data is due on Thursday morning, with economists expecting a job gain of 3M and the unemployment rate of 12.4%.

https://seekingalpha.com/news/3587678-adp-jobs-up-2_4m-in-june-may-revised-from-big-loss-to-3m-job-gain