private-sector-employers-added-158k-jobs-in-june.jpg

Private-sector employers added 158K jobs in June

“Despite a slight moderation in the month of June, the labor market remains strong”, Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said in a news release.The professional and business services sector, which includes accounting, tax preparation and other services, added 69,000 jobs in June, while the financial activities sector added 10,000 jobs.ADP said private sector employment climbed by 158,000 jobs in June after jumping by a revised 230,000 jobs in May.The report showed by ADP is jointly made with Moody’s Analytics.There’s another indicator of a strong labor market too: layoffs in the US are at the lowest levels in almost half a century. Administrative and support services also showed modest gains of 43,000 jobs, while trade, transportation, and utilities industries added 30,000 employees to the labor force. Large corporations followed, adding 51,000 positions.He pointed out that’s about double the rate of job growth necessary to absorb the growth in the working age population, and he expects the unemployment rate of 4.3 percent will continue to decline. “We’ve been getting job growth consistently now for about seven years”. No matter how the data is sliced, America’s labor market is robust, being limited for the first time in many years by the number of workers available to hire.The Labor Department, in a separate report, said initial claims for state unemployment benefits for the third straight week. Although the figure was up 4,000 from the previous week, it remained near historic lows. Econoday’s consensus estimate for June was a gain of 180,000 jobs.The construction sector saw 2,000 jobs loss, compared to last month’s 37,000 jobs loss.